Julius Baer to set up in DIFCPress Release 25 Sep 2002 01:07 pm
A leading Swiss bank, Julius Baer, has confirmed that it will open an office in the DIFC, acting as their headquarters for the entire Middle East and Sub-continental region. Julius Baer will be among the early landmark institutions to be established in the DIFC, with their office expected to be operational by January 2003.
Julius Baer is the largest independent private bank among the traditional Swiss banking guard, providing investment, consulting, fund management, brokerage and other private banking services to wealthy individuals and institutional investors worldwide. While this will continue to remain at its core, Julius Baer’s regional operation is expected to focus on institutional asset management, among other wholesale banking activities.
Commenting on this latest endorsement for the DIFC, Hussain Al Qemzi, COO DIFC commented;
“We are delighted to have attracted such a well respected financial institution with over a hundred years of heritage as a leading private bank. Their decision to set-up here is a vote of confidence for the DIFC, but more importantly, it is a vote of confidence for the potential in the region. Julius Baer has the vision to recognize Dubai and the region as the world’s new financial frontier and with that comes the need to be closer to the customer, where the deals are made.”
When asked why they felt the DIFC was the right place to be, Brij Raj Singh, Regional Head Middle East and Sub Continent, Julius Baer stated:
“We at Julius Baer are very committed to serving our client needs in the region and we are excited by the opportunities in the Gulf. The DIFC platform provides the structure to address this demand and will also create the environment for encouraging financial services firms to build around a centre of excellence in the region. This is clearly visionary and we are excited to be part of this effort, which will allow us the opportunity to meet our clients needs.”
Mike Baer, Member Group Executive Board, Julius Baer added:
This new location will enable us to be closer to our clients and better serve their needs by offering first class Private Banking and Institutional Asset Management services and thoroughly exploiting our core competence.