Merrill Lynch Swiss Banking Arm Licensed to Operate from the Dubai International Financial CentrePress Release06 Apr 2005 12:04 pm
Merrill Lynch Bank (Suisse) S.A (MLBS), a wholly-owned subsidiary of Merrill Lynch & Co., has been awarded a license by the Dubai Financial Services Authority (DFSA) to operate from the Dubai International Financial Centre (DIFC). Merrill Lynch & Co. is a global financial management and advisory firm with offices in 36 countries and $1.6 trillion under management. Merrill Lynch has been present in the Middle East since 1961.
The award of this license was welcomed by Dr. Omar Bin Sulaiman, Director General of the DIFC Authority.
“I am delighted to welcome Merrill Lynch to the DIFC and offer my sincere best wishes to the team who have supported the DIFC from the outset. This is a very important announcement for the DIFC, as there are few firms of the calibre of Merrill Lynch in the world,” said Dr. Omar.
Merrill Lynch has been in Switzerland since 1951, when it opened its first European wealth management office in Geneva. Merrill Lynch Bank (Suisse) S.A. began operations in 1984. It is an integral part of Merrill Lynch Global Private Client, the world's premier provider of wealth management services, and provides a full range of highly personalized Swiss banking services to high net worth and ultra high net worth individuals.
Commenting on the awarding of the license by the DFSA, Bruno Daher, Managing Director & Market Executive for the Middle East at Merrill Lynch, said,
“On behalf of Merrill Lynch I am delighted to accept this license from the DFSA and I look forward to a long and prosperous future operating from within the DIFC.
We have been active in this region for over forty years and are thus able to provide our clients with an unparalleled degree of knowledge and understanding, combining an international outlook and expertise with local sensitivity.
This new branch of MLBS gives us the opportunity to expand our presence in Dubai and allows us to have a new service in the region. Through our Financial Advisors, we will provide a wide range of Swiss banking services to Middle East high net worth investors, which enables them to access the extensive product and service range of MLBS in Geneva through a discretionary or advisory relationship.”
The DIFC branch of MLBS will be staffed by senior Dubai Private Client Financial Advisors with Swiss banking experience. The region is subject to the same banking rules as other Swiss banks.