Bloomberg News

Societe Generale to Close Private Banking Office in Bahrain

February 02, 2012

Feb. 2 (Bloomberg) -- Societe Generale SA will move its private banking office in Bahrain to the United Arab Emirates as the French lender seeks to cut costs, an official at the bank said.

Societe Generale decided to centralize its private banking business in the U.A.E., said the official, who declined to be identified because the matter is private. Zawya Dow Jones reported the news earlier today.

Societe Generale opened the wealth management office in Bahrain in November 2009 as part of its expansion in the region.

--Editors: Shaji Mathew, Claudia Maedler

To contact the reporter on this story: Stefania Bianchi in Dubai at sbianchi10@bloomberg.net

To contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.net


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