Even if banks aren't moving out of Bahrain, a lot of bankers are

Bahrain's banking sector has reason to be worried. While industry bodies play down an exodus of institutions from the kingdom, an increasing number of individuals are considering a move to Qatar or Dubai.

The likes of BNP Paribas, Citigroup and HSBC lifted staff out of Bahrain during the height of the troubles, there's a chance many will look to make this move permanent.

The Bahrain Association of Banks has said that rumours of foreign banks relocating are "baseless". Nonetheless, institutions face an uphill struggle convincing their staff to stay.

One investment banker in Bahrain tells us that for him and many of his colleagues the troubles have been the "nail in the coffin" for the kingdom's banking sector and few can think of any reasons to stay.

Despite protestations from the authorities in Bahrain that it's business as usual, there are a few indicators of a clamour to move from kingdom.

For a start, Ghanem Nuseibeh, a political risk analyst and founder of Cornerstone Global consultancy told the National that many temporary relocations are like to "turn into permanent roles". And relocation companies are already saying they're "extremely busy" helping financial professionals move from Bahrain to Dubai.

The obvious beneficiary is Dubai. Simon Williams, chief economist for MENA at HSBC, says that the fact that the UAE and Qatar are the only places not to have seen any form of protests strengthens the case for Dubai being "the natural hub for businesses working across the Middle East."

One financial services recruiter with operations across the Middle East tells us that "significant numbers" of Bahraini bankers are trying to switch to Dubai.

"If they're in an international organisation, within a front office role in Bahrain, Dubai-based companies are willing to listen. However, those in operational jobs are likely to struggle to make the switch," he says.