Kaupthing Bank Receives DIFC LicencePress Release25 Sep 2007 09:08 am
First Nordic bank to be granted a branch licence by the DFSA
Kaupthing Bank, a Northern European Bank headquartered in Reykjavik, Iceland, today announces that it has been granted a branch licence by the Dubai Financial Services Authority (DFSA) to provide investment banking and wealth management services from the Dubai International Financial Centre (DIFC).
Kaupthing Bank, listed on the OMX Nordic Exchange in Iceland and Stockholm, is one of the fastest growing financial groups in Europe, offering integrated financial services to companies, institutional investors and high net worth individuals. Today it has operations in ten countries, supported by approximately 3,000 employees. This will increase to 16 markets following the completion of the recent acquisition of NIBC, a leading merchant bank in Western Europe. Moody’s and Fitch have assigned the Bank long term credit ratings of ‘Aa3’ and ‘A’ respectively, and Euromoney recently presented Kaupthing "Best Bank in the Nordic region" award.
Nasser Al Shaali, CEO of the DIFC Authority said: “There are deep business ties between the Middle East and Scandinavian companies, the latter being recognised for bringing strong technical expertise, entrepreneurial thinking and solid business ethics. It is appropriate that one of Nordic’s major banking operations launches in Dubai to facilitate the growing interest in business between the two markets.”
Kaupthing Bank’s operations in the Middle East will focus on providing services to entrepreneurial corporates, high-net worth individuals and institutional investors. Kaupthing expects to employ a team of approximately 10 -15 people in the area during the first year who will be supported by specialists from Europe and North America.
Umar Ali, Managing Director and CEO, Kaupthing Bank Middle East commented:
“We are delighted to receive our DIFC licence. Kaupthing is recognised for its strong client focus, highly responsive entrepreneurial approach and a different way of looking at business. We hope to build on our successful model in the Middle East and we look forward to developing our operations in the region."