CBB Licence for BSI AG (Generali)
17/07/2008 10:28
PR Newswire
MANAMA, Bahrain, July 17 /PRNewswire/ --
- BSI AG (Generali) Obtains CBB Licence and Opens its Representative
Office in the Kingdom of Bahrain.
The Central Bank of Bahrain (CBB) has granted a license to BSI
AG (Generali), a major Swiss Private Banking group, with assets under
management totaling CHF 94 billion and shareholders equity of around CHF 2.3
billion, to establish an office in Bahrain.
BSI AG (Generali), headquartered in Lugano, Switzerland, is
incorporated under the laws of Switzerland, supervised and regulated on a
consolidated basis by the Swiss Federal Banking Commission (SFBC). BSI AG
specializes in Private Banking & Asset Management services for both private &
institutional clients with assets under management of CHF 94 billion, 2,000
employees worldwide and shareholders' equity of CHF 2.3 billion. BSI AG (A1
by Moody's) is a wholly owned subsidiary of the Generali Group, a leading
player in the global insurance market (Aa3/Stable by Moody's).
The Bahrain office will be BSI AG's first presence in the
Middle East region and will be offering advisory services specifically
tailored to local needs. The Bahrain office will be headed by Mr. Saad
Osseiran, presently responsible for the Middle East Private Banking Desk at
BSI Generali UK, Ltd. and will constitute a "regional hub" for the Gulf Area.
"This is a further step, after the opening of BSI Bank Ltd. in
Singapore in 2005 and of BSI Generali Asia Ltd. in Hong Kong in 2007 and the
latest acquisitions of Ifabanque SA in Paris in 2005 and Banca del Gottardo
in Lugano, Switzerland, in 2007, to create a banking group of international
standing in the financial asset management sector, with strong roots in
Switzerland and Europe and operations in most economically dynamic areas,
such as, Middle East and Asia" commented Alfredo Gysi, Chairman of the
Executive Board of BSI AG.
"The CBB is delighted to welcome BSI Bank to Bahrain," said
Mr. Ahmed Abdul Aziz Al Bassam, Director, Licensing & Policy, at the CBB.
Mr. Al Bassam, then, added: "the region in general, and the
GCC particularly, is passing through a sound and renewing boom unprecedented
as yet, abreast with serious economic reforms that undoubtedly help foster
its momentum and longevity and pave the way for the BSI Group as a new
entrant to take advantage in such a rapidly growing financial market" .
And according to a new report from AT Kearney, a global
strategic management consulting firm, "a whopping USD 4 trillion in Middle
Eastern Market is available for investment, in both public and private
sectors".
BSI AG was founded in Lugano, Switzerland, in 1873, and is the
oldest bank in the canton of Ticino, Switzerland. Since 1998 it has been
100%-controlled by the Generali Insurance Group. BSI specialises in asset
management and related services for private and institutional clients, and is
present in the major financial markets worldwide.
Contact:
Chantal Stampanoni Koeferli
Corporate Communication
Tel.: +41-91-809-39-73
Fax: +41-91-809-40-50
E-Mail: chantal.stampanonikoeferli@bsibank.com
Internet : http://www.bsibank.com
Contact: Chantal Stampanoni Koeferli, Corporate Communication, Tel.: +41-91-809-39-73, Fax: +41-91-809-40-50, E-Mail: chantal.stampanonikoeferli@bsibank.com
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