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Number of financial institutions in Bahrain grows three per cent in 2011.

The number of financial institutions registered in Bahrain reached 415 by the end of January 2012, up from 403 in 2011.

In the last few months of 2011 financial institutions such Notz Stucki and Altaira Middle East have set up in the Kingdom, increasing the number of institutions registered in the country to 415 as of 31 January.

Among the financial firms that have registered in Bahrain during the course of 2011 are Canara Bank, AMP Capital Investors and Deloitte Corporate Finance.

The financial services industry in Bahrain employed more than 14,000 people at the end of 2010, of which two thirds were Bahrainis. The financial sector in Bahrain expanded 1.7 per cent in the twelve months to June 2011, according to the Bahrain Economic Quarterly.

Shaikh Mohammed bin Essa Al-Khalifa, Chief Executive of the Bahrain Economic Development Board (EDB), said, "We at EDB are very pleased by the strong performance of the financial sector over the last year.

"That these businesses are choosing Bahrain as their base for accessing the Gulf economies and the wider Middle East is testament to the strength of the local Bahraini workforce, the quality of the Central Bank of Bahrain's regulation and the access we provide to the strong-growing Gulf market which is now worth over a trillion dollars."

2012 CPI Financial. All rights reserved.

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Publication:CPI Financial
Geographic Code:7BAHR
Date:Mar 6, 2012
Words:231
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