Kuwait Turkish bank relocates ops to Bahrain

Manama : Kuwait Turkish Participation Bank Inc (KuveytTurk), Kuwait Finance House’s leading subsidiary in Turkey, has announced yesterday the relocation of its Gulf operations and staff to Bahrain. Following the move, KuveytTurk Bank will centralise its regional Treasury activities out of Bahrain under its existing wholesale banking license.

Commenting, Cetin Yurttaser, Director of KuveytTurk Bahrain said: “We had presence in other Financial Centres within the Region and experienced that Bahrain has the best legal and regulatory infrastructure supported by the Central Bank of Bahrain therefore have decided to move back and centralise our GCC Treasury activities within Bahrain.”

Welcoming KuveytTurk Bank, Khalid Al Rumaihi, Chief Executive of the Bahrain Economic Development Board (EDB) said: “The economic change we are seeing across the GCC is helping to create exciting opportunities for international investors and the expertise and scale of Turkish companies mean they are well placed to play an important role in the region.”

Khalid Al Rumaihi