ZURICH (Reuters) – Swiss bank heavyweight Credit Suisse said on Wednesday it had won a banking license in Bahrain, expanding its operations in the fast-growing Gulf region.

Credit Suisse has operated in the Middle East since establishing a presence in Beirut in the late 1960s. It expanded into the Gulf region a few years later and was able to open a fully fledged branch in Dubai in April 2005.

Credit Suisse’s operations in the region are primarily aimed at capturing a share of the lucrative high-end banking market for wealthy individuals.

It currently operates out of Dubai, Abu Dhabi, Doha, Riyadh, Beirut and Cairo.

The new license, which covers private banking, investment banking and asset management, will enable Credit Suisse to open a branch in Manama, Bahrain.