The Central Bank of Bahrain (CBB) has granted a licence to the BNP Paribas banking group to establish a fund management firm in Bahrain.
BNP Paribas Asset Management B.S.C. (under formation) will be a wholly owned subsidiary of Europe-based BNP Paribas Asset Management.
The CBB has authorized BNP Paribas Asset Management B.S.C. as an Investment Business Firm, and 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 most recent licence for BNP Paribas Asset Management B.S.C. is the fifth to be granted by the CBB to the BNP Paribas Group, the Euro Zone’s largest banking group, and the 5th largest in the world.
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,” announced Ahmed Abdul Aziz Al Bassam, Director, Licensing & Policy, at the CBB, adding that:
“The presence of sterling institutions, such as BNP Paribas, adds considerable value to Bahrain as an international financial centre.”
Jean-Christophe Durand, Regional Director of BNP Paribas-GCC announced that:
“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.”
In mid-2007, the CBB introduced an upgraded regulatory framework to govern the industry for collective investment undertakings (CIUs).
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