The Dubai International Financial Centre (DIFC) has been selected by Fortis Private Banking as the perfect staging post from which to extend its market coverage into the Middle East and Gulf region.
“We are pleased to execute our Private Banking Strategy for the region through the DIFC platform," commented Mr. Rob Ten Heggler, CEO for Fortis Private Bank, who recently met with Dr. Omar Bin Sulaiman, Director General of the DIFC Authority, to discuss the bank's future plans for its Dubai operation.
"The professional working environment and dynamic approach in DIFC is commendable. Going forward we hope to deploy more resources and energy to strengthen the presence of Fortis in the region," Mr Ten Hegglet added.
Fortis opened its office at the DIFC in September 2005. The bank's Private Banking division manages around EUR65 billion of assets (US$83.5 bn) and is active in 17 countries.
Recently, the bank launched the Arabia Fund, which is the world’s first fund of funds focusing on the GCC countries.
“Fortis Private Bank is participating in the ever-growing Dubai economy by providing innovative investment financial solutions for HNW and UHNW individuals," observed Mr. Mubashir Ahmed Sheikh, Managing Director for Fortis’s regional private banking operation.
"This is a unique opportunity to invest based on the collective wisdom of several experts in the GCC regional markets and offers investors an intelligent way to profit from the region’s growth in a risk-diversified manner," he added.
As one of the twenty largest banks in the world, the decision by Fortis to operate out of DIFC is "a clear endorsement of their belief in a region that is growing fast and offers tremendous potential," according to Dr. Omar Bin Sulaiman.
"DIFC aims to fuel economic growth in the region and the UAE," he added.
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