ABN AMRO Moves Middle East Operations To DIFC

by Lorys Charalambous, Tax-News.com, Cyprus

23 April 2010

ABN AMRO Bank NV has moved all of its Middle East private banking operations into the Dubai International Financial Centre (DIFC), having been granted a Category 1 license by the Dubai Financial Services Authority.

Incorporated in the DIFC under the same name, ABN AMRO Bank NV is one of the few Dutch banks to operate from the DIFC. This license allows ABN AMRO Bank to offer a wide range of services and allows the Bank's private banking business – a market leader in the Netherlands and one of Europe’s leading private banks, to start operating through its new branch in the DIFC.

Their license category is one of the most broadly enabling, allowing a firm to offer a wide range of services, including accepting deposits, providing credit, offering a variety of trust, custody and investment services, as well as investment advisory and collective investment fund activities, amongst others.

ABN AMRO Private Banking is part of the ABN AMRO businesses acquired by the Dutch State in 2008. As one of the major international players, ABN AMRO Private Banking continues to operate in 12 countries across Europe, Asia and the Middle East, managing EUR120bn of assets worldwide.

In the Middle East and Asia, the Bank focuses its strengths through a presence in three international markets – the United Arab Emirates, Singapore and Hong Kong.

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