France’s Banque Indosuez says it is planning to close its treasury unit in Bahrain at the end of this year, though the bank will retain a representative office there. The news follows in the wake of an announcement by Swiss Banking Corporation that it plans to shut its offshore banking operation in Bahrain by the end of 1996 (MEED 25:10:96).
‘As with many banks, we are thinking to service our clients from London and Singapore,’ a bank spokesman says, adding that smaller regional customer accounts will be handled from Indosuez’ Dubai office. Some of the Bahrain unit’s staff have moved to London.
Indosuez’ representative office in Bahrain will handle commercial banking business, which has a full branch licence. ‘We will still remain and do business in Bahrain,’ the spokesman says.