Bank Sarasin, the Swiss private bank owned by
Rabobank, may re-launch its joint venture in Bahrain after
announcing it is to close down its Spanish subsidiary Sarasin Alén
Agencia de Valores S.A.
A Bank Sarasin spokesman said the new
venture is likely to be launched with Bank Sarasin-Alpen,
its Dubai-based subsidiary. Bank Sarasin-Alpen also has offices in
Doha, Qatar and Muscat, Oman.
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Its first subsidiary, Bank Sarasin (Bahrain),
was granted a licence in July 2008 after it established a joint
venture with El-Khereiji Group in 2007.
However Bank Sarasin decided not to proceed
with their intended joint venture in August last year citing
unsatisfactory economic circumstances.
Sarasin set up the Spanish joint venture with
Alén Gestión Patrimonial in April 2008 with the aim of targeting
private and institutional clients in Spain and Portugal. It is to
close both offices in La Coruña and Madrid.
Bank Sarasin said its board of directors made
the decision in light of the adverse market climate in Spain and
the subsidiary’s disappointing business performance.
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By GlobalDataThe bank said the closure of Sarasin Alén did
not have any significant impact on the costs reported in the
consolidated financial statements of Bank Sarasin.
The bank would not disclose the assets under
management of the joint venture.
Nine staff members will lose their jobs.
One staff member is to move to its Zurich
office and manage Spanish clients from there, Bank Sarasin
said.
