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Lloyds TSB To Offer Wealth Management Services From New Dubai Base

by Phillip Morton, Investors Offshore.com

21 December 2005


International Private Banking (IPB), a division of Lloyds TSB Bank Plc, one of the world's largest financial institutions, has announced that it has received approval to operate from the Dubai International Financial Centre.

According to AME Info, Lloyds, which has had a presence in the United Arab Emirates since 1976 and has offered private banking services in the country since the early 1980s, received its license from the Dubai Financial Services Authority (DFSA) to operate as an authorised firm on December 1st, 2005.

From its new Dubai base, Lloyds will focus primarily on providing global wealth management services to high-net-worth individuals and their families throughout the Gulf region.

"Lloyd's TSB is one of the oldest and most respected financial institutions in the world. It is our privilege to have them here," commented Dr Omar Bin Sulaiman, Director General of DIFC Authority.

"Private banking has always been an important business for the region's banks and financial institutions, and the service continues to grow strongly. Global economic trends indicate that the Middle East region will continue to offer growing opportunities to the banking and financial services industries, and we welcome Lloyds TSB International Private Banking as the latest international name to join the DIFC family," Dr Omar Bin Sulaiman added.

Neil Glanville, Director of Business Development, Lloyds TSB International Private Banking commented that the bank was "delighted" to be establishing a regional business platform in the prestigious DIFC landmark Gate building.

"This provides us with a well regulated jurisdiction and a state-of-the-art facility that together form a great service proposition for our private clients throughout the Gulf region," Mr Glanville noted.


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