HSBC, and Citigroup are amongst some of the financial firms that have temporarily closed down their Bharin branches, after an alleged clash between Bahrani forces and protestors.
Thousands of protesters and a strong military presence blocked access to Financial Harbour, where most of the banks are located. Paribas and Standard Chartered, are also amongst the firms to have temporarily closed or scaled back operations in recent days. Employees not leaving the country are being told to stay at home.
Anthony Dariane, who works at Credit Agricole's corporate and investment banking division in Bahrain said, "I'm the only foreigner still here...For the time being, all of the international banks have closed their offices and people are going to the closest place, which is Dubai".
Citigroup has back-up offices in Dubai and India, and a spokesman for the bank said "critical business" was continuing, despite the tensions. Standard Chartered and HSBC said that employees were "safe" and that the situation was being closely monitored. As Bahrain highly contributes to the success of many international banks,bankers said it was unlikely lenders would close offices permanently. Local banks also maintained that despite closures, business would return to normal soon.
Law firms with large workforces in the kingdom have also been affected. Clive Hopewell, the Middle East head at Charles Russell, a law firm based in the UK, said his company's Bahrain offices had been shuttered since Sunday.
"We've moved anyone who was on their own in a vulnerable area and told everyone they can fly home," he said. "We've had to deal with it from hour to hour, but we've kept the office closed.
Thousands of protesters and a strong military presence blocked access to Financial Harbour, where most of the banks are located. Paribas and Standard Chartered, are also amongst the firms to have temporarily closed or scaled back operations in recent days. Employees not leaving the country are being told to stay at home.
Anthony Dariane, who works at Credit Agricole's corporate and investment banking division in Bahrain said, "I'm the only foreigner still here...For the time being, all of the international banks have closed their offices and people are going to the closest place, which is Dubai".
Citigroup has back-up offices in Dubai and India, and a spokesman for the bank said "critical business" was continuing, despite the tensions. Standard Chartered and HSBC said that employees were "safe" and that the situation was being closely monitored. As Bahrain highly contributes to the success of many international banks,bankers said it was unlikely lenders would close offices permanently. Local banks also maintained that despite closures, business would return to normal soon.
Law firms with large workforces in the kingdom have also been affected. Clive Hopewell, the Middle East head at Charles Russell, a law firm based in the UK, said his company's Bahrain offices had been shuttered since Sunday.
"We've moved anyone who was on their own in a vulnerable area and told everyone they can fly home," he said. "We've had to deal with it from hour to hour, but we've kept the office closed.
Article from Global Islamic Finance Magazine
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