The Central Bank of Bahrain has granted a license to Pioneer Global Investments Limited, a global firm involved in investment business, to establish a representative office in Bahrain. The office will be Pioneer’s first presence in the Middle East and North Africa region.
The firm is wholly owned by Pioneer Global Asset Management SPA, the asset management arm of UniCredito Italiano Banking Group, the second largest bank in Italy and ranked 47 internationally. UniCredito is rated AA by international rating agencies Standard & Poor’s and Fitch.
Through Pioneer Investments, the Bahrain operation will be UniCredito’s first venture in the region.