Hinduja Bank (Middle East) Ltd, a subsidiary of the Switzerland-based Hinduja Bank (Switzerland) Ltd, has obtained authorization from the Dubai Financial Services Authority (DFSA) to upgrade its banking licence to Category 1, allowing it to provide a full range of banking services from its base in the Dubai International Financial Centre (DIFC).
The licence upgrade is part of the bank’s efforts to expand its range of investment solutions and financial products and facilitate cross-regional banking services for its clients in Europe, Middle East and South Asia.
Ahmed Humaid Al Tayer, Governor of the DIFC, commented: “The expansion of companies like Hinduja Bank (Middle East) Ltd out of DIFC is testimony to the Middle East’s ability to recover faster than other markets from the impact of the global financial crisis. Many global financial institutions are currently scaling up their operations from DIFC, which is evidence of the fact that the financial services sector in the region is rapidly returning to its high-growth track.”
Sri Paramanand Hinduja, Chairman of the Hinduja Group, added: “The Hinduja Group has been operating in the United Arab Emirates for decades. Our commitment is demonstrated by significant investments like Ashok Leyland in Ras Al Khaimah, Gulf Oil in Jebel Ali Free Zone and now Hinduja Bank (Middle East) Ltd in DIFC. It is our firm conviction that Dubai will be the crucial economic and financial link between the Middle East, Asia and the West.”
Ivan Schouker, Chief Executive, Hinduja Bank (Switzerland) Ltd said: “Within 16 months of setting up operations, Hinduja Bank (Middle East) Ltd has reached an important milestone despite the adverse global financial environment. The expansion of our services out of DIFC demonstrates our commitment to growth and to ensuring that we are close to our clients. We are looking to bring trust and safety back into banking by committing to maintaining one of the highest Capital Adequacy Ratios in our four booking centres in Switzerland, the DIFC, Cayman Islands and India.”
Hinduja Bank (Middle East) Ltd’s parent company Hinduja Bank (Switzerland) Ltd offers a full range of services covering wealth management, trade finance, investment and corporate advisory to select clients.
.Tags: tax | offshore | investment | banking | financial services | offshore banking | tax havens | Dubai | United Arab Emirates | services | Dubai | United Arab Emirates
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