Ithmaar Bank, a Bahrain-based Islamic retail institution, announced that it will convert the banking licence of its wholly-owned subsidiary, Faisal Private Bank in Switzerland, to a family office.
The announcement, by Ithmaar Bank chief executive and board member Mohammed Bucheerei, follows a decision by the Ithmaar board to convert Faisal Private Bank into a family office and to focus on further developing Ithmaar Bank’s core business of retail and commercial banking………………………………………..Full Article: Source