Bank Sarasin, the Swiss private bank controlled by Rabobank, has formed a joint venture with the El-Khereiji Group, a Saudi conglomerate, to set up a subsidiary in Bahrain. The new subsidiary will be called Bank Sarasin (Bahrain) and will cater for family offices, entrepreneurs and institutional clients, the Basel-based said in a statement. Pending regulatory approval, it will commence operations in 2008. Christian Maurer has been appointed chief executive of the new subsidiary. He has held a number of senior roles within Sarasin's private banking business with a focus on the Middle East. Sarasin opened a representative office in Dubai in 2005.