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CBB Licence for BNP Paribas to establish new fund management firm in Bahrain

  • 22.05.2008
The Central Bank of Bahrain (CBB) has granted a licence to BNP Paribas banking group to establish a fund management firm in Bahrain.

BNP Paribas Asset Management B.S.C. will be a wholly owned subsidiary of Europe-based BNP Paribas Asset Management (BNPP AM).

The CBB has authorized BNP Paribas Asset Management B.S.C. as an Investment Business Firm (Category 2). The new firm will manage a number of funds to be launched by BNP Paribas Asset Management.

In addition, during the first quarter of this year, the CBB granted a licence to allow the Group to establish a second wholesale banking operation in Bahrain. BNP Paribas 3U is aimed at expanding the Group's banking business in the Middle East & North Africa (MENA) region. […]

The Group has been present in Bahrain since 1975. Currently employing over 260 employees in Bahrain, the Group's activities span the bank's three core business lines of Corporate and Investment Banking; International Retail Services; and Asset Management and Services.
“The CBB is delighted to support the expansion of BNP Paribas operations from Bahrain,” said Mr. Ahmed Abdul Aziz Al Bassam, Director, Licensing & Policy, at the CBB. “The presence of sterling institutions, such as BNP Paribas, adds considerable value to Bahrain as an international financial centre.”

Mr. Jean-Christophe Durand, Regional Director of BNP Paribas-GCC said: “We are very pleased with this new license as it reflects the confidence of BNP Paribas in Bahrain. We have specifically chosen Bahrain as a regional hub for BNP Paribas in the Gulf.”

“The proposed establishment of BNP Paribas Asset Management B.S.C. is indicative of the Kingdom's growing attraction as a jurisdiction for fund management and fund administration services”, said Mr. Al Bassam.[…]


Source: Central Bank of Bahrain (CBB)

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