Faisal Private Bank, a Swiss-based bank which has struggled since the collapse of property schemes in the Gulf and beyond, will be converted into a family office, its parent company said in a statement on Thursday.
A family office manages investments for a single family, with the capital of the firm based upon that family's own cash. It did not identify the family in a statement to the Bahrain bourse.
The conversion will protect clients' and shareholders' interests and allow parent firm Ithmaar Bank to focus on its core retail and commercial business, Ithmaar's Chief Executive Mohammed Bucheerei said in the statement.
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