Dubai Financial Centre (DIFC) welcomes BankMed & MedSecuritiesPress Release05 Mar 2015 02:33 pm
First financial institutions in the MENA region to receive DIFC's category 1 rating
Dubai - 05 March 2015: BankMed, one of Lebanon's leading and fastest-growing banks, announced today the official launch of its operations in the Dubai International Financial Centre (DIFC), following the bank's recent licensing by the Dubai Financial Services Authority (DFSA) as Category 1- authorised financial firm.
In celebration of the occasion, a special dinner will be hosted at Armani Hotel Dubai today 5 March 2015 and attended by top ranking Lebanese and Emirati officials from BankMed and DIFC, led by Mohammed Al Hariri, Chairman and General Manager of BankMed and Arif Amiri, DIFC Deputy CEO.
Through its DIFC presence, BankMed, the first financial institutions in the MENA region to receive DIFC's category 1 rating, will leverage its extensive experience in corporate banking, treasury solutions, and risk management to offer a wide range of financial solutions mainly within the UAE and the GCC region, ranging from credit to trade finance and treasury services.
"It is a major phase for BankMed after having secured this top level license at the DIFC. This will allow the Bank to offer its clients wide-ranging financial solutions within a world-class regulatory framework, with strong links to international financial markets. The DIFC is a globally recognized prime financial center, and we are honored to be a part of it," said Mr. Al Hariri.
"Establishing a branch in Dubai was a strategic step forward for the Bank's international footprint. The UAE's dynamic growth and its leaders' strategic and futuristic vision have put the country on the international financial map, making it one of the main global hubs worldwide. It was only a matter of time before BankMed would set foot in this growing economy," added Mr. Hariri.
MedSecurities Investment sal (MedSecurities), a fully owned subsidiary of BankMed has also obtained a Category 3 license for the DIFC. MedSecurities is involved in the trading of different financial instruments as well as in the distribution of both tailor-made and off-the-shelf investment solutions. MedSecurities offers brokerage and investment products as well as private placement services to a growing local, regional, and international customer base.
"MedSecurities products are structured to address the evolving needs of its investor base in light of global changes in the financial landscape. Its expansion into the DIFC will strengthen MedSecurities' position, allowing it to provide its services on a wider scope," explains Mr. Mohamed Ali Beyhum, Chairman and General Manager.
BankMed's deep-rooted, 70-year history and presence in key regional and international markets spanning Lebanon, Switzerland, Turkey, Iraq, Cyprus, and Saudi Arabia will bring in a diversified and extensive experience to the DIFC. It will also enable it to provide a suite of comprehensive financial solutions to meet the evolving needs of its existing and potential customers, making it a valued member of the UAE banking community.
"We are pleased to welcome BankMed to the DIFC community. BankMed's credible business strategy and experience in the region met the stringent requirements of the DFSA, making it the first bank from the MENA region to acquire a Category 1 license to open its doors at the DIFC. Its presence will continue to diversify our offerings and our position as a leading financial and business hub," said Mr. Amiri.
The Dubai International Financial Center (DIFC), regulated by the DFSA, hosts major global financial institutions and law firms. It boasts a global reputation as a major worldwide financial hub in the GCC region. It has a well-established and independent common law judicial system that complies with global best practices and internationally accepted laws and regulatory processes.
BankMed is one of the oldest and fastest growing banks in Lebanon and its DIFC operations are set to complement its international network of financial institutions that includes presence in Switzerland, Turkey, Saudi Arabia, Cyprus and Iraq.