Dexia has opened a new office in Bahrain, which will be operated under the name Dexia Private Bank (Switzerland) Middle East Representative ...

Dexia has opened a new office in Bahrain, which will be operated under the name Dexia Private Bank (Switzerland) Middle East Representative office. Philippe Jouard, global head of private banking at Dexia said the firm intends to target both high net worth individuals and institutional investors in Bahrain. “Bahrain not only has the heritage as a financial centre, its strong emphasis on regulation provides additional reassurance,” he said. The new subsidiary is the 14th financial services company to be licensed this year in Bahrain. Meanwhile, Dexia Bank and Dexia Banque Internationale à Luxembourg have decided to consolidate their IT infrastructures with the creation of Dexia Group subsidiary under Luxembourg Law. The two banks will harmonise their operational structures, according to a statement from Dexia. After a transition period, the 700 members of staff in Belgium and in Luxembourg will be transferred to the subsidiary.