EFG Bank Joins Dubai International Financial Centre (DIFC)Press Release05 Feb 2006 10:40 am
EFG International - a global private banking group offering private banking and asset management services, headquartered in Zurich - today announced that its subsidiary EFG Bank has been granted a license by the Dubai Financial Services Authority (DFSA).
EFG Dubai, a branch of EFG Bank, has been awarded a license by the Dubai Financial Services Authority (DFSA) to operate as an authorized firm from the Dubai International Financial Centre (DIFC). The office in Dubai is staffed by a pool of experienced bankers and specialists with substantial experience in serving the region's high net worth individuals.
According to Lawrence Howell, CEO of EFG International, EFG Bank will place its regional headquarters in Dubai due to its central geographic location and transparent banking regulations. He added " We are very pleased to be licensed by the DFSA and to be able to expand our global presence by adding both a new location and a new branch. EFG Dubai will provide the necessary platform to expand our private banking operations in this attractive region."
Outlining the significance of the DIFC banking license on the regional development of EFG Bank, Bassam Salem, CEO Middle East and India said, "We are committed to the Middle East as a region and in particular to Dubai. As an international financial centre, Dubai is able to offer unparalleled benefits to the banking sector. We are confident that Dubai's effective financial services and banking infrastructure, combined with its close proximity to Saudi Arabia, India, and the Gulf countries will prove to be an invaluable asset to EFG Bank's operations in the years to come.” He added: "Our Middle East business so far managed from Europe has grown steadily over the years. To properly build on our business momentum, it was critically important for us to establish a presence in Dubai. We are now in a position to offer our clients from the Middle East the opportunity to interface with us onshore as well as offshore".
Dr. Omar Bin Sulaiman, Director General of the DIFC Authority said, "We are delighted to welcome EFG Bank, one of the fastest growing and successful private banking groups, to the DIFC family. We look forward to their participation in a prosperous future. The DIFC offers an independent regulatory framework which is based on international best practices in world-renowned jurisdictions. This is clearly recognized by our international partners such as EFG Bank who have chosen to base their operations in the DIFC. "