Emirates Financial Services establishes international investment banking arm in the DIFCPress Release 19 Jul 2006 11:32 am
Emirates Financial Services PSC (EFS) today announced the establishment of its international investment banking and wealth management arm, Emirates Financial Services International Ltd (“EFS Intl.”), within the Dubai International Financial Centre (DIFC). EFS Intl. will lead and manage investment banking transactions, both regionally and globally, through the DIFC and will also provide a range of corporate finance and advisory services to its expanding international client base.
Khalid Kalban, Chairman of EFS said today:
“Given the extensive opportunities in the region, the DIFC is an excellent platform for corporations to raise debt and equity capital. EFS Intl. hopes to play a pivotal role in bringing liquidity to the DIFX and looks forward to working with other top institutions in the DIFC to cement this as the region’s pre-eminent financial centre.”
EFS Intl. has secured approval from the Dubai Financial Services Authority (DFSA) for a licence enabling it to offer a comprehensive range of investment banking products and services aimed at institutional investors and high net worth individuals (HNWI). With an initial market capitalization of US$ 10 million and shareholders including Emirates Financial Services PSC and Emirates Funds LLC, EFS Intl. also has access to required capital and funding, as part of the Emirates Bank Group.
His Excellency Dr. Omar Bin Sulaiman, Governor of the DIFC, welcomed EFS to the Centre and commented:
“I am certain that EFS will become a stronger firm as a result of this move and the DIFC is delighted to have the opportunity to facilitate its growth. The DIFC will continue to ensure high quality standards and benchmarks to encourage institutions and capital market participants, such as EFS Intl, to achieve their objectives in this world-class jurisdiction.“
Suresh Kumar, CEO of EFS Intl said:
“DIFC has emerged as a leading global financial centre, where innovation combines with best practice to cater to the region’s increasingly sophisticated investors. EFS Intl. will build on the excellent existing track record that the Emirates Bank Group has in the wealth management and investment banking arena, particularly within our major business areas of private equity, private funds and customized financial solutions.”