Swiss bank obtains Qatar licence

Switzerland's Bank Sarasin receives a banking licence for a subsidiary in the Qatar Financial Centre.
Switzerland's Bank Sarasin has obtained a banking license for Qatar and will open a new subsidiary in the Qatar Financial Centre, Doha in March.

"We are delighted to have obtained the banking license from the Qatar Financial Centre authorities," says Fidelis Goetz, head of the international division of Bank Sarasin in Switzerland.

The new subsidiary will be called Bank Sarasin-Alpen (Qatar) LLC and will be regulated by the Qatar Financial Centre Regulatory Authority. The license enables Sarasin to provide financial services to private and institutional Qatar clients.

Bank Sarasin is a Basel-based private banking institution that was founded in 1841. It has already paired with Alpen Capital (ME) of Dubai for the joint venture Bank Sarasin-Alpen (ME) three years ago. Together they provide tailor-made and innovative private banking services to clients in the region. This next step enables them to provide more services to Qatari clients.

"The Sarasin Group regards Qatar as a very attractive growth market in this dynamic region of the world," says Goetz. "The license provides the much needed framework to be able to extend our services into that market."

ôWe are excited to now be able to offer our uniquely client focused services to clients in Qatar," adds Rohit Walia, CEO and managing director of Bank Sarasin-Alpen (ME) "We will deploy our successful unique strategy of leveraging the investment banking business to complement private banking services."
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