Post by Shakir Husain on Jul 7, 2009 7:25:26 GMT 4
Fortis Banque Suisse, a Switzerland-based private banking arm of Belgian financial group Fortis, has shut its branch at the Dubai International Financial Centre (DIFC), sources said on Monday July 6, 2009.
The bank had launched its Dubai business around four years ago to target wealthy individuals in the Middle East and South Asia.
It is not clear if the move is connected with business restructuring as part of the takeover of the Belgian group by French bank BNP Paribas, which has a private banking business in Dubai.
Calls made to Fortis Banque Suisse went unanswered.
According to the Fortis Banque Suisse 2007 annual report, the Dubai branch “achieved a stable and profitable level of business” during the year, with revenues rising 252 percent.
While the Swiss private banking unit has closed its operations, Fortis group still maintains its presence at the DIFC, offering a range of financial services.
The bank had launched its Dubai business around four years ago to target wealthy individuals in the Middle East and South Asia.
It is not clear if the move is connected with business restructuring as part of the takeover of the Belgian group by French bank BNP Paribas, which has a private banking business in Dubai.
Calls made to Fortis Banque Suisse went unanswered.
According to the Fortis Banque Suisse 2007 annual report, the Dubai branch “achieved a stable and profitable level of business” during the year, with revenues rising 252 percent.
While the Swiss private banking unit has closed its operations, Fortis group still maintains its presence at the DIFC, offering a range of financial services.