Hinduja Bank (Middle East) to Provide Full Range of Banking Services from DIFCPress Release17 Mar 2010 02:24 pm
Hinduja Bank (Middle East) Ltd is First Swiss Bank to Become a Category 1 Bank in DIFC as a Subsidiary
Hinduja Bank (Middle East) Ltd, a subsidiary of the Switzerland-based Hinduja Bank (Switzerland) Ltd, announced today that it has obtained authorisation from the Dubai Financial Services Authority (DFSA) to upgrade its licence to Category 1. The new licence enables it to provide a full range of banking services from the Dubai International Financial Centre (DIFC).
The licence upgrade is part of the bank’s efforts to expand its range of investment solutions and financial products and facilitate cross-regional banking services for its clients in Europe, Middle East and South Asia.
HE Ahmed Humaid Al Tayer, Governor, DIFC said: “The expansion of companies like Hinduja Bank (Middle East) Ltd out of DIFC is testimony to the Middle East’s ability to recover faster than other markets from the impact of the global financial crisis. Many global financial institutions are currently scaling up their operations from DIFC, which is evidence of the fact that the financial services sector in the region is rapidly returning to its high-growth track. With its vast proven oil and gas resources and increasing role in the global economy, the region offers exciting long-term opportunities for global banking institutions.”
S. P. Hinduja, Chairman, Hinduja Group said: “The Hinduja Group has been operating in the UAE for decades. Our commitment is demonstrated by significant investments like Ashok Leyland in Ras Al Khaimah, Gulf Oil in Jebel Ali Free Zone and now Hinduja Bank (Middle East) Ltd in DIFC. It is our firm conviction that Dubai will be the crucial economic and financial link between the Middle East, Asia and the West. The upgrade of the Hinduja Bank’s licence will enable it to make a greater contribution to the future growth of the region. The Hinduja Banking Group looks to bring “trust” and “safety” back into banking, via its four booking centres (Switzerland, Dubai DIFC, Cayman, India) by committing to maintain one of the highest Capital Adequacy Ratios.”
Abdulla Mohammed Al Awar, CEO of the DIFC Authority said: “DIFC is the ideal platform for Hinduja Bank (Middle East) Ltd to expand its operations and strengthen its relationship with the Middle East region. Apart from providing a world-class legal and regulatory framework, DIFC’s growing status as a hub that facilitates capital flows between emerging markets and established financial markets, makes it the most strategic base for Hinduja Bank (Middle East) Ltd to expand its business.”
Hinduja Bank (Middle East) Ltd’s parent company Hinduja Bank (Switzerland) Ltd offers a full range of services covering wealth management, trade finance, investment solutions and corporate advisory to select clients. A Swiss private bank with an extensive network, the company has developed unique expertise in managing the personal and corporate banking needs of family businesses and entrepreneurs.
The Geneva-headquartered bank, which is part of the Hinduja Group, one of the world’s largest diversified business groups, has operated in Switzerland since 1963. Recently, the bank acquired Banca Commerciale Lugano (BCL), an independent Swiss bank.
Ivan Schouker, Chief Executive, Hinduja Bank (Switzerland) Ltd said: “Within 16 months of setting up operations, Hinduja Bank (Middle East) Ltd has reached an important milestone despite the adverse global financial environment. The expansion of our services out of DIFC demonstrates our commitment to growth and to ensuring that we are close to our clients. We are looking to bring “trust” and “safety” back into banking by committing to maintaining one of the highest Capital Adequacy Ratios in our four booking centres in Switzerland, DIFC, Cayman Islands and India.”
Hussain Sultan, Board Member, Hinduja Bank (Middle East) Ltd said: “I am delighted to be part of the Hinduja Bank (Middle East) Ltd’s Board and very encouraged by the achievements of our strong management team whom I have known for many years. In this short period of time, their experience and market knowledge have enabled us to grow our client relationships in the region. The licence upgrade is timely and demonstrates the company’s determination to achieve healthy growth and provide a full range of services to its clients.”
M Dungarwal, Managing Director, Hinduja Bank (Middle East) Ltd said: “This licence upgrade represents another significant milestone in Hinduja Bank (Middle East) Ltd’s growth story. The strategic advantage of having Dubai as our hub will support our medium and long-term strategy of creating value for our clients in the Middle East and Indian Subcontinent, which are key growth markets for us. ”
Ali R Khatau, Managing Director, Hinduja Bank (Middle East) Ltd said: “Flexibility is our strength. We strongly believe in the DIFC proposition and the excellent infrastructure it provides. The licence upgrade will take Hinduja Bank (Middle East) Ltd to a new level of growth and allow us to reinforce our global value proposition.”