UK
International banks with a large presence in Bahrain are reiterating their commitment to the kingdom after the recent unrest, but face an uphill struggle keeping hold of staff who are either relocating or being targeted by other firms in Dubai, Qatar and Abu Dhabi.
Bahrain may have just lifted the three-month state of emergency law issued in March to quell anti-government protests, but the damage wrought to the kingdom’s reputation has led many financial professionals to question their future in the country.
International banks with significant presence in Bahrain have maintained that they’re there to stay. We understand that headcount is still flat within Standard Chartered’s Bahrain operation year-on-year and that BNP Paribas has given its employees the opportunity to temporarily relocate to Dubai, but has no intention to close or downsize its office in the kingdom.
HSBC Bahrain CEO, Patrick Gallagher, last month said they’d been a pick up in business in the kingdom, while Citigroup’s new wealth management services centre, launched in Bahrain last week, follows on from its custody offering started there in December 2010.
All this is a boost for Bahrain, which maintains that its banking sector remains in good shape. Nonetheless, an increasing number of bankers are taking the opportunity to relocate.
“Most international banks are giving employees the chance to temporarily relocate to Dubai, and a lot of people – particularly those with families – are taking this up,” says Jonathan Gould, manager – financial services at Morgan McKinley in Dubai. “We’re also seeing resumes from people wanting to leave Bahrain permanently. These are people that would have been difficult to attract to Bahrain previously.”
Then there’s the fact that banks recruiting in Dubai are targeting people in Bahrain, under the assumption that they’ll be relatively easy pickings.
“Clients are asking us, often mid-way through the recruitment process, to open up the search to people based in Bahrain,” says Richard Lett, regional director – Middle East at recruiters Hudson. “It’s fair to say that many are more open to moving for the right opportunity in Dubai, but there’s certainly not a clamour to get out of Bahrain as many firms assume.”
all that bring a big Q
why Bahrain government acts in a way befit no one ??
it looks the country is controlled by brainless leaders or
there is no control at all
GOD help women and children of Bahrain
Every single word you wrote is absolutely right.
kindly dig more and more make more search, you find worst than this.
The countery leader are busy to attack there locall people at these stage i dont think these ruller will pay attention at hese stage what happining is an belivable local peoeple are living in fear
1- It is not “a state of emergency” situation.
2- The situation in Bahrain would have been worst if it was not for the correct and right actions taken to bring law and order.
3- if it was not for these actions, Bahrain would have been another Iraq, foreigbersthen would hace been really worried.
4- the loss of the country was made by the few that tried to hi-jack the law and order.
5- Bahrain continues to be safe for local and foreign labour and executives,
6- Bahrain is far better social place to raise families and that is the more reasons expateriate continue to prefer Bahrain.
7- those living in Bahrain know the situation much better and appreciate that recent isssues are and will continue to be under control.
8- Dubai, Doha or Abdu Dhabi do not provide the professional financial market available in Bahrain nor the quality of life offered by Bahrain. These will continue to favour Bahrain as a more dinamic REGIONAL financial centre.
Yup Hassan. I believe you. Santa also believes you.