Sunday, 22nd November 2009

 

14 April 2008 - David Bain

Credit Agricole gets Bahrain private banking licence

The French group joins the likes of JPMorgan, Merrill Lynch and HSBC that run private banks in Bahrain

Bahrain, a tax haven for the wealthy, has granted a private banking licence to French bank Credit Agricole to enable it to cater to millionaires, according to a Reuters report.

The French group will run the private bank in Bahrain through its main private banking unit, the Geneva-based Credit Agricole (Suisse) SA, expanding on the Calyon wholesale business it has operated in the Gulf state since 1976.

Credit Agricole joins the likes of JPMorgan, Merrill Lynch and HSBC that run private banks in Bahrain. Bahrain levies no wealth, capital gains or inheritance taxes, helping attract the ultra-rich to the island nation. By comparison, capital gains tax in UK, for example, is charged at a flat rate of 18%.

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