Bank of Tokyo-Mitsubishi UFJ (BTMU) plans to scale back its operations in Bahrain, spurred by political unrest in the country and becoming the latest foreign bank to relocate staff to Dubai, three sources familiar with the matter said.
The Japanese bank, one of the largest foreign lenders operating in the kingdom, will move most of its approximately 60 staff members to Dubai and maintain a small presence in Manama, Bahrain's capital, the sources said on Wednesday.
"The bank is moving most of its team to Dubai, keeping a skeleton operation in Bahrain," one banker aware of the matter said. "The decision to move headquarters was taken before the Bahrain uprisings, but last year's incidents sped up the process." The move was expected as early as next month.
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