NBD Bank Joins DIFX As Member

by Lorys Charalambous, Tax-News.com, Cyprus

15 January 2007

NBD Investment Bank Limited (NBD-IB) has been accepted as the fourth regional bank to join the Dubai International Financial Exchange (DIFX) as a Member able to trade securities.

NBD-IB is incorporated in the Dubai International Financial Centre and is part of National Bank of Dubai PJSC, one of Dubai’s most prominent banks.

Shahzad Shahbaz, Chief Executive of NBD-IB, announced that: “This move enhances our capability to service the needs of both our regional and international issuer and investor clients. Additionally we hope to actively facilitate the development of the exchange’s activities.”

In January 2006, NBD became the first company to issue a bond on the DIFX and the first issuer in any asset class on the exchange from the United Arab Emirates (UAE). The bank listed $750 million of Floating Rate Notes under its EMTN programme followed by another $500 million in October 2006.

Per E. Larsson, Chief Executive of the DIFX, stated that: “NBD-IB’s arrival as a Member of the DIFX is a significant addition to the network of banks, brokers and other organizations that are linked to the exchange. These growing ties are driving the development of the DIFX as the region’s international stock market.”

Hamed Ali, Executive Officer of the DIFX, said: “The exchange offers brokers a unique opportunity to develop their business with new and existing clients. More regional and international brokers are applying to join.”

The number of DIFX Members has now reached 18 including many prominent international and regional banks and brokers.

Founded in 1963, the National Bank of Dubai is the oldest, locally incorporated bank in the Southern Gulf. Its portfolio covers a wide range of services including transport, real estate, construction, manufacturing, tourism and service industries throughout the region. In addition, NBD’s ‘Private Office’ provides private banking services.

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