Major US bank expressess interest to locate in DIFC

The Dubai International Financial Centre (DIFC) today said that Merrill Lynch Bank (Suisse) S.A. (MLBS), one of the world's leading providers of Swiss private banking services has expressed an interest in submitting an application to operate from within the DIFC, subject to obtaining regulatory approvals.

“This is an important moment for the DIFC,” said DIFC CEO Naser Nabulsi. “Merrill Lynch Bank (Suisse) is the first major US financial services firm to state its intent to join the Financial Centre, confirming the Centre’s attractiveness to the world’s leading financial institutions.

The DIFC will fulfil the vision of Sheikh Mohammed to create a global financial centre in Dubai. The presence of Merrill Lynch will represent another link between Dubai and other international markets and will expand the range of services available from the DIFC to clients and corporations in the Middle East.”

Mr Bruno Daher, Managing Director of Merrill Lynch, Global Private Client Division, met Naser Nabulsi and his team recently to discuss issues related to an application at a meeting in Dubai.

Mr Daher said, “Merrill Lynch has enjoyed a presence in the UAE for over thirty years and we are pleased to confirm our interest in the DIFC.”

Merrill Lynch manages private client assets of approximately $1.5 trillion and has a track record of over eighty years advising corporates, governments, institutions and individuals. It provides capital markets services, investment banking and advisory services, wealth management, asset management, insurance, banking and related products and services on a global basis.