Business | Banking
Faisal Finance granted full banking licence
The Swiss Federal Banking Commission recently granted Faisal Finance (Switzerland) a full banking licence. The company will now be known as Faisal Private Bank (Switzerland).
- Staff Report
- Published: 00:00 October 4, 2006
Dubai: The Swiss Federal Banking Commission recently granted Faisal Finance (Switzerland) a full banking licence.
The company will now be known as Faisal Private Bank (Switzerland).
Switzerland's international recognition as the metropolis of private banking is not a recent phenomenon. Rather, this reputation was built over years.
Swiss private bankers have earned a first-class name for efficient professionalism, prudent performance, clock-work precision and a culture of client confidentiality through banking secrecy. These strengths were supported by a 700-year history of comparative socio-political stability and neutrality.
The principal shareholder of Faisal Private Bank Switzerland is the Bahrain-based Ithmaar Bank. The total issued and fully paid-up capital of Ithmaar is $360 million.
Ithmaar Bank launched its IPO on the Bahrain stock exchange last February 19. Faisal Private Bank Switzerland is part of the group which pioneered the Islamic banking and finance industry.
The launch of Faisal Private Bank (Switzerland) is a landmark development towards building the bridge between two distinct yet complementary traditions: Swiss private banking excellence and financial solutions based on ethics derived from Sharia.
In this respect Marco Rochat, CEO of Faisal Private Bank (Switzerland) commented: "Faisal Private Bank (Switzerland) is the synthesis of over 15 years of experience in the Swiss private banking arena with a distinctive ethical heritage. This will enable us to continue delivering an innovative platform for an international clientele which trusts our private bankers because they are also accountable for their values."
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