French banking giant BNP Paribas has secured a licence to launch a fund management operation in Bahr...
French banking giant BNP Paribas has secured a licence to launch a fund management operation in Bahrain.
BNP Paribas Asset Management BSC is currently under formation and will be a wholly owned subsidiary of BNP Paribas Asset Management.
Under the licence granted by the Central Bank of Bahrain, the new firm will manage a number of funds under Bahrain's recently updated regulatory system, which now allows the sale of exempt collective investment undertakings - such as hedge funds and other higher-risk alternative investment vehicles - to qualifying investors.
Jean-Christophe Durand, regional director of BNP Paribas-GCC, said: "We are very pleased with this new licence 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."
Earlier this year, BNP Paribas was granted a licence to establish a second wholesale banking operation in Bahrain, aimed at expanding the group's banking business in the Middle East and North Africa (Mena) region.
Achievements, charity work and other happy snippets
Laughable excuses for persisting
Spent 56 years at Schroders
Warns on profits