BNP Paribas in the Middle East & Africa News & Press
BNP Paribas
November 29, 2007 -

Global banking major BNP Paribas relocates its regional office to Bahrain Financial Harbour

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o Signs lease Agreement with Bahrain Financial Harbour for space uptake in the 53 storey Harbour Towers
o Move reinforces BFH’s position as the Kingdom of Bahrain’s main financial district

Manama, Bahrain, 9th September 2007: In a landmark announcement, Bahrain Financial Harbour Holding Company (BFHHC) today confirmed it had signed a lease Agreement with the global banking major, BNP Paribas. As per the terms of the agreement BNP Paribas has committed to an uptake of 5 floors (covering an area of over 5000 sqm) in the Harbour Towers, which forms a key component of the recently launched Financial Centre – Phase I of the landmark Bahrain Financial Harbour (BFH).
Welcoming the initiative, Mr. Stephen Rothel, Chief Executive Officer, BFHHC said: “We are delighted that BNP Paribas, one of the leading global financial players has now signed with BFH. BNP Paribas, has one of the largest international banking networks, has and will be relocating its regional hub and Bahrain’s full service commercial branch to BFH thus lending added credence to it’s positioning as the Kingdom’s main financial district. This move also absolutely vindicates BFH’s clear vision and strategy of creating a world-class Financial Centre Development model.”

“This is also one of the largest private sector lettings in the Kingdom of Bahrain for some time and accordingly is extremely significant for Bahrain and for BFH.”

“Furthermore, in addition to the more obvious benefits, we are confident that the Islamic Banking interest of both BFH and BNP Paribas will benefit immensely from this move. While one of the central aims of BFH is to create an environment that is at the forefront of innovation, best-practices and development in the sector,” Mr. Rothel added.

BNP Paribas is a leading player in the Gulf Cooperation Council (G.C.C.) and all core business lines of the Group are present in Bahrain:

  • Corporate and Investment Banking through its regional platform
  • International Retail and Financial Services through the retail branches
  • Asset Management and Services through the regional asset management team

They offer a comprehensive range of products to governments, large corporates, mid side companies, financial institutions and high net worth individuals throughout a network of six commercial branches in the region (Bahrain, Kuwait, Saudi Arabia, Qatar and United Arab Emirates “Abu Dhabi and Dubai” and an investment banking platform based in Bahrain.

Mr. Jean-Christophe Durand, Regional Director G.C.C. Countries, BNP Paribas said: “Our growth ambitions in the region started with the creation of BNP Paribas G.C.C. regional hub in Bahrain in 2001. Since then, the bank has registered a very sustained revenues growth and its total number of employees in Bahrain has trebled. This increase is linked to the geographic expansion in the region and the relocation of several business lines specialists from Head Office to Bahrain. The development success has highlighted the G.C.C. region on BNP Paribas worldwide map to be among the strategic regions for the Group.”

“BNP Paribas conducted an exhaustive search in Bahrain to find a suitable location of its regional operations; and following these investigations selected BFH due to its landmark status and state of the art technologies which meet with BNP Paribas’ corporate and development requirements in the Kingdom of Bahrain”, added Mr Durand.