Monday, 6 July 2009

Fortis Banque Suisse pulls out of Dubai

Image representing Fortis as depicted in Crunc...Image via CrunchBase

Fortis Banque Suisse, a Switzerland-based private banking arm of Belgian financial group Fortis, has shut its branch at the Dubai International Financial Centre (DIFC), sources said on Monday.

The bank had launched its Dubai business around four years ago to target wealthy individuals in the Middle East and South Asia.

It is not clear if the move is connected with business restructuring as part of the takeover of the Belgian group by French bank BNP Paribas, which has a private banking business in Dubai.

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