Mashreq Capital Joins the Dubai International Financial CentrePress Release21 Jul 2006 11:33 am
Mashreqbank announced today that it has received a license from the Dubai Financial Services Authority (DFSA) to operate as an authorised firm from the Dubai International Financial Centre (DIFC).
The licence has been issued to Mashreq Capital Ltd, a wholly owned subsidiary of Mashreqbank, and will enable the bank to provide a number of investment and brokerage services for investors. Mashreqbank is the first UAE based bank to receive this licence.
His Excellency Dr. Omar Bin Sulaiman, Governor of the Dubai International Financial Centre , welcoming Mashreqbank to the Centre, commented: “As the oldest private bank in the UAE, Mashreqbank has been a leader, pioneering many of the banking and financial services we now take for granted. Being based in an international financial centre will provide them the ideal opportunity to continue with this tradition. We look forward to more innovations from Mashreq Capital.”
“Mashreq Capital will participate fully in the wealth of opportunities made possible by the new regulatory environment provided by the DFSA, which rivals the best in the world,” said Abdul Aziz Al Ghurair, CEO of Mashreqbank.
Over time Mashreq Capital will introduce a number of services such as debt or equity capital raising and underwriting services; private placements and the distribution of securities; brokerage in securities and financial instruments and asset management activities.