Faisal Private Bank is set to become a family office, after falling victim to the real estate bust in the Gulf and beyond.
According to its parent company Ithmaar Bank, the move to convert Switzerland-based Faisal to a family office will allow Bahrain’s Ithmaar to focus on retail and commercial business banking.
“The shareholder of Faisal Private Bank in Geneva has decided to convert its banking operations in Switzerland to a family office in a way compatible with the clients’ and stakeholders’ interests,” said a statement on the bank’s website.
"Ithmaar Bank is committed to maintaining a presence in Switzerland.”
The statement did not reveal the identity of the family whose money Faisal will manage.