BNP Paribas, the largest foreign bank in Bahrain, has opened two offices in neighbouring Dubai as part of a drive to protect itself against the disruption it faced during last year’s pro-democracy revolt in Manama.
While BNP denies it is diversifying operations away from its regional headquarters, some other bankers say its move reflects a wider nervousness among big companies about the Gulf state amid the year-long protest by members of the Shia Muslim majority against the minority Sunni-led government.
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