BMA approves two international groups to expand their operations in Bahrain

The new licenses were approved this month by HH Shaikh Khalifa Bin Salman Al Khalifa, Prime Minister of the Kingdom of Bahrain and Chairman of the BMA Board.

A license has been issued to American Express Bank Limited to open its first representative office for Private Banking in MENA Region.

The Bank which is incorporated in London is wholly owned subsidiary to American Express Bank in New York.

This license will bring the number of AMEX entities in Bahrain to three entities since AMEX use Bahrain as center for its operation in the region since 1976.

The BMA also granted a second license to Dexia Group to open a Representative Office for Dexia Asset Management Luxembourg S.A. (Dexia AM) in the Kingdom of Bahrain. Dexia is already present in Bahrain with a representative office of Dexia Private Bank Switzerland.

Dexia AM believes that it will use Bahrain office for its Institutional Sales and Distribution Activity as first entrance in to the Middle East region. The total assets of the Group stood at Euro 509 billion at 2005 end.

In general, the region continues to offer tremendous growth prospects for financial services providers, particularly in the areas of asset management, private banking, life and medical Insurance, securitisation, Islamic banking. Third party administration (TPA) services, Leasing, and Investment

"We welcome the continued interest from financial institutions and international groups in doing business from Bahrain and we are pleased with their decision to expand their operation from Bahrain"

said Mr. Al Bassam. "It is a demonstration of the excellent reputation the Kingdom enjoys as an international financial center".