ABN AMRO to boost Investment Banking from Dubai International Financial CentrePress Release05 Jul 2006 11:23 am
ABN AMRO announced that it has received a license from the Dubai Financial Services Authority (DFSA) to operate as an authorised firm at the Dubai International Financial Centre (DIFC).
The approval will allow ABN AMRO to use the DIFC as a base for providing clients with a full suite of investment banking products including project finance, structured finance, corporate finance, equity and debt capital markets solutions, from a specialised platform that operates using international standards and best practices of the DFSA.
Speaking at the press conference, Colin Macdonald, Country Executive of ABN AMRO in the UAE, said: “We are looking forward to being a part of the DIFC. ABN AMRO has been in the region for more than three decades and committed to further develop our investment banking capabilities in the UAE and Middle East region.
“ABN AMRO is already well positioned within the marketplace and the key focus for the coming months will be to establish a robust infrastructure that combines our local client knowledge and global product expertise, and will enable us to deliver more innovative solutions to our clients”.
Menno de Jager, Vice Chairman ABN AMRO, commented: “Dubai continues to develop as a world financial centre and as a focal point for business in the region. This is a significant achievement for us in the Middle East, and marks the bank’s commitment to growing business in the region.”
Welcoming ABN AMRO, Dr Omar Bin Sulaiman, Governor of the DIFC, commented: “The financial services sector in the Middle East is growing fast and offers tremendous potential. Financial institutions are now looking to deploy and invest capital in many different ways throughout the region. ABN AMRO’s presence in the DIFC gives it a tremendous opportunity to further expand its reach within the region. As a regional financial hub, the DIFC brings together the region’s and the world leading players on to a common platform that offers access to this dynamic region.”
Earlier this year, ABN AMRO became a member of the Dubai International Financial Exchange as an Individual Clearing Member.
ABN AMRO has a long established presence in the Middle East and views this region as a key market in its Asian growth strategy, not only for its investment banking activity but also for its consumer and private banking franchise.