The Dubai International Financial Centre (DIFC) has announced that Scotiabank, one of North America's leading financial institutions, has received a license from the Dubai Financial Services Authority (DFSA) to operate within the financial district.
Scotiabank is the first Canadian bank to operate from the DIFC. The license allows the bank's ScotiaMocatta division – a global leader in precious metals trading, financing and physical products – to open its own branch in the DIFC.
"We are very happy to welcome Scotiabank, the first Canadian bank to join the DIFC," said Ahmed Humaid Al Tayer, Governor of the DIFC. "As the DIFC begins to play a more prominent role in the global economy, we are keen to expand the industry cluster within the financial district with new companies from across the global financial industry that can bring unique new expertise to the region. Scotiabank's presence will further enhance the geographical diversity of firms in the DIFC."
ScotiaMocatta has operated in Dubai since 1998 through an alliance with National Bank of Dubai (NBD), providing gold loans and price hedging facilities to Dubai-based bullion traders, jewelers, manufacturers and refiners.
"This is a strategic initiative that reflects our confidence not only in the precious metals market, but also in the region," said Barry Wainstein, Vice-Chairman and Deputy Head, Global Capital Markets, and Global Head, Foreign Exchange and Precious Metals.
“As the size and sophistication of the precious metals market in the Middle East continues to grow and evolve, Scotiabank recognizes the importance of establishing a stand-alone presence in the region," said Pramod Mohan, Senior Executive Officer at the Dubai branch. "Dubai is ideally located in a large wholesale and consumer market and is uniquely positioned to channel gold from the international markets to the ultimate destination."
Abdulla Mohammed Al Awar, CEO, DIFC Authority, said: "By virtue of its ability to offer a secure, stable and growth oriented platform for international financial institutions, DIFC has continued to attract leading financial institutions over the past year despite the global financial crisis. Scotiabank's decision to base the regional branch of its division ScotiaMocatta in the financial district is testimony to the confidence of global financial industry in the DIFC. With its vast experience in precious metals trading and financing, ScotiaMocatta, will add new value to the pool of expertise available in the financial district."
A comprehensive report in our Intelligence Report series, analysing the situation on the ground in each of the main offshore banking centres, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report3.asp
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