NO. 32


Financial and Banking News

Regional Banking

Societe Generale Closes Bahrain OBU

Paris-based bank Societe Generale is to close its Bahrain offshore bankingunit on 1 July, but it will retain its representative office on the Island. TheOBU business will be transferred to Paris. Societe Generale has no other offices in the Gulf, but holds 20% stakes in Bank Alahli al-Omani and AbuDhabi-based United Arab Bank. It has management contracts with both banks.