Sumitomo Mitsui Banking Corporation to open office in Dubai International Financial CentrePress Release22 May 2006 11:08 am
Sumitomo Mitsui Banking Corporation (SMBC) has become the second Japanese bank to establish presence at the Dubai International Financial Centre. It has been licensed by the Dubai Financial Services Authority as an authorised firm.
Dr Omar Bin Sulaiman, Director General of DIFC Authority, commented: “We welcome Sumitomo Mitsui Banking Corporation to the Dubai International Financial Centre. UAE and Japan have long established bilateral relations. In fact, Japan was one of the first countries with which the UAE established diplomatic relations in 1971, the year the federation was established. We have come a long way since. The UAE in general and Dubai in particular, offers immense potential to Japanese companies with our rapidly maturing financial markets. And, the Middle East market has never looked better as economies and markets continue to grow and banks are flush with liquidity. The DIFC is the gateway to the region’s US $ 1.9 trillion GDP and two billion consumers. We wish them all the success.”
Yukinori Kojima, Senior Executive Officer, SMBC (DIFC) commented: “We are looking forward to developing our business from the dynamic and innovative city of Dubai. The branch will complement and strengthen our existing regional network in Bahrain, Tehran and Cairo, as well as our specialized banking teams based in London, in providing banking services in the Gulf and surrounding region. SMBC has had the privilege of working with governments, municipalities, banks, corporations and projects in the region for over thirty years. Our Dubai Branch will bring us closer still to our customers and partners, and help us broaden and deepen our activities in this important region. “
In the Middle East, SMBC currently has three representative offices: in Bahrain, Tehran and Cairo. The addition of Dubai Branch will enable SMBC to strengthen its capability to promptly offer sophisticated financial services, such as trade finance and project finance, and to further enhance its presence in the Middle East and the surrounding region, including Central Asia.