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.
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