ABN AMRO moves its Middle East Private Banking Business to the Dubai International Financial CentrePress Release19 Apr 2010 01:33 pm
The Dubai International Financial Centre (DIFC) announced that ABN AMRO Bank N.V. was granted a Category 1 license from the Dubai Financial Services Authority (DFSA), and has moved all of its Middle East Private Banking operations into the DIFC.
Incorporated in the DIFC under the same name, ABN AMRO Bank N.V. is one of the few Dutch banks to operate from the DIFC. This license allows ABN AMRO Bank to offer a wide range of services and allows the Bank's private banking business - a market leader in the Netherlands and one of Europe’s leading private banks, to start operating through its new branch in the DIFC.
Their license category is one of the most broadly enabling, allowing a firm to offer a wide range of services, including accepting deposits, providing credit, offering a variety of trust, custody and investment services, as well as investment advisory and collective investment fund activities, among others.
ABN AMRO Private Banking is part of the ABN AMRO businesses acquired by the Dutch State in 2008. As one of the major international players, ABN AMRO Private Banking continues to operate in 12 countries across Europe, Asia and the Middle East, managing EUR 120 billion of assets worldwide. In Europe, it is the number one Private Bank in the Netherlands. In the Middle East and Asia, the Bank focuses its strengths through a presence in three international markets – the United Arab Emirates, Singapore and Hong Kong – while maintaining a global network for clients with international and cross-border lifestyle needs. In the Middle East, ABN AMRO has built on a long-standing presence in the region dating back to 1973.
"In just five years, DIFC has established itself as a well-connected global financial centre, driven by strong fundamentals that are all the more relevant in today's environment. ABN AMRO Bank’s move to the district is just one of many examples showing that the centre's growth and attractiveness continue unabated. The district's world-class legal and regulatory infrastructure, and enabling work environment provide the ideal platform to serve regional and global clients, while macroeconomic growth in the numerous fast-growing emerging markets served by DIFC provides another impetus for continued expansion in the number of firms licensed to operate from the district" said HE Ahmed Humaid Al Tayer, Governor of the Dubai International Financial Centre. "
”There is a new trend emerging in the private banking industry away from the traditional centres. So I am pleased to see that the DIFC is taking its rightful position in attracting private banking businesses who would like to use their base in the DIFC as an alternative booking centre for their international clients. ABN Amro is an established private banking player and their presence here is a testimony to the strength of the DIFC as a global financial centre to support this line of business” said Abdulla Mohammed Al Awar, Chief Executive Officer of DIFC Authority.
“Their move demonstrates DIFC’s appeal to private banking businesses that would like to use their base in DIFC as an alternative booking centre for their international clients. As one of the leading established players in the sector, ABN AMRO’s decision to base all their Middle East private banking business in DIFC is a testimony to the strength of the DIFC as a global financial centre,” Al Awar added.
Hassan El-Nahas, Head of Private Banking Middle East, said, "We are extremely pleased to have been granted a banking license from the DFSA, and to have recently joined the DIFC community. With this move, ABN AMRO Private Banking renews our commitment to the Middle East and allows us to continue to serve our clients. We will continue to provide our clients – who have entrusted us with the fulfilment of their financial needs – with the same high level of service to which they are accustomed. Our industry has faced challenging times of late, yet we believe our future to be dynamic with plenty of opportunities for growth".