Credit Agricole won't be last bank to exit Bahrain - ArabianBusiness.com

The consequences of Bahrain's turbulent spring are mounting. First the Formula 1 Grand Prix was cancelled, now Credit Agricole has decided to shift its regional headquarters to Dubai. The French lender's move is a blow for the one-time regional financial hub of the oil-rich Gulf.

But the Shi'ite led protests earlier this year and subsequent crackdown by Bahrain's Sunni-ruling minority - with the help of troops from its Arab neighbours - is only one reason why financial institutions are saying bye-bye to Bahrain.

International banks are rushing to cut costs as revenue falls and risk grows. That makes it harder for them to maintain their previous practice of keeping multiple bases in the Middle East - a region that still generates relatively little revenue.

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