Bank Sarasin obtains banking license for Qatar, opens new subsidiary in Doha's Financial Centre

The new subsidiary, will be starting business operations as early as mid March 2008 under the name Bank Sarasin-Alpen (Qatar) LLC and will be regulated by the Qatar Financial Centre Regulatory Authority (QFCRA).

The license enables Bank Sarasin to provide its array of high quality financial services to private and institutional clients in Qatar, comprising the areas of private banking as well as asset and wealth management. The opening of the Bank Sarasin office in Doha is the latest milestone on its growth path in the Middle East.

The Qatar operations will be launched with experienced professionals, ensuring an immediate high calibre point of access to clients in Qatar and its surrounding countries. The new subsidiary will further leverage the capabilities developed successfully at Bank Sarasin-Alpen (ME) Ltd., the bank's subsidiary in Dubai. Bank Sarasin-Alpen (ME) Ltd. provides tailor-made and innovative private banking services at its best to clients in the region.

The Private Banking services of Bank Sarasin-Alpen (Qatar) LLC, will leverage the Investment Banking business of Alpen Investment Bank (Qatar) LLC, also regulated by the QFCRA, to further enhance the joint venture's market offerings. Alpen Capital (ME) Ltd., Dubai has established an excellent track record in providing investment banking solutions to institutional and Corporate clients in the GCC and South Asia.

"We are delighted to have obtained the banking license from the Qatar Financial Centre authorities. Sarasin regards Qatar as a very attractive growth market in this dynamic region of the world. The license provides the much needed framework to be able to extend our services into that market," comments Fidelis Goetz, Head of the International Division of Bank Sarasin & Co. Ltd, Switzerland.

"We are excited to now be able to offer our uniquely client focused services to clients in Qatar. Our proven track record creating innovative solutions for our discerning client base will certainly be a valuable addition to the growing importance of the dynamic market place of Qatar. We will continue to deploy our successful strategy of leveraging the Investment Banking platform to complement Private Banking services," adds Rohit Walia, CEO and Managing Director of Bank Sarasin-Alpen (ME) Ltd.