| 19 Apr 2010 |
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ABN AMRO moves its Middle East Private Banking Business to the Dubai International Financial Centre
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Dubai - 19 April 2010: The Dubai International Financial Centre (DIFC)The Dubai International Financial Centre (DIFC)
announced that ABN AMRO BankABN AMRO Bank N.V. was granted a Category 1 license from the Dubai Financial Services AuthorityDubai Financial Services Authority (DFSADFSA), and has moved all of its Middle East Private Banking operations into the DIFCDIFC. Incorporated in the DIFCDIFC under the same name, ABN AMRO BankABN AMRO Bank N.V. is one of the few Dutch banks to operate from the DIFCDIFC. This license allows ABN AMRO BankABN AMRO Bank to offer a wide range of services and allows the Bank's private banking business - a market leader in the Netherlands and one of Europe's leading private banks, to start operating through its new branch in the DIFCDIFC.
Their license category is one of the most broadly enabling, allowing a firm to offer a wide range of services, including accepting deposits, providing credit, offering a variety of trust, custody and investment services, as well as investment advisory and collective investment fund activities, among others.
ABN AMROABN AMRO Private Banking is part of the ABN AMROABN AMRO businesses acquired by the Dutch State in 2008. As one of the major international players, ABN AMROABN AMRO Private Banking continues to operate in 12 countries across Europe, Asia and the Middle East, managing EUR 120 billion of assets worldwide. In Europe, it is the number one Private Bank in the Netherlands. In the Middle East and Asia, the Bank focuses its strengths through a presence in three international markets - the United Arab Emirates, Singapore and Hong Kong - while maintaining a global network for clients with international and cross-border lifestyle needs. In the Middle East, ABN AMROABN AMRO has built on a long-standing presence in the region dating back to 1973.
"In just five years, DIFCDIFC
has established itself as a well-connected global financial centre, driven by strong fundamentals that are all the more relevant in today's environment. ABN AMRO BankABN AMRO Bank's move to the district is just one of many examples showing that the centre's growth and attractiveness continue unabated. The district's world-class legal and regulatory infrastructure, and enabling work environment provide the ideal platform to serve regional and global clients, while macroeconomic growth in the numerous fast-growing emerging markets served by DIFCDIFC provides another impetus for continued expansion in the number of firms licensed to operate from the district" said HE Ahmed Humaid Al Tayer, Governor of the Dubai International Financial CentreDubai International Financial Centre. ""There is a new trend emerging in the private banking industry away from the traditional centres. So I am pleased to see that the DIFCDIFC is taking its rightful position in attracting private banking businesses who would like to use their base in the DIFCDIFC as an alternative booking centre for their international clients. ABN AmroABN Amro is an established private banking player and their presence here is a testimony to the strength of the DIFCDIFC as a global financial centre to support this line of business" said Abdulla Mohammed Al Awar, Chief Executive Officer of DIFC AuthorityDIFC Authority.
"Their move demonstrates DIFCDIFC
's appeal to private banking businesses that would like to use their base in DIFCDIFC as an alternative booking centre for their international clients. As one of the leading established players in the sector, ABN AMROABN AMRO's decision to base all their Middle East private banking business in DIFCDIFC is a testimony to the strength of the DIFCDIFC as a global financial centre," Al Awar added.Hassan El-Nahas, Head of Private Banking Middle East, said, "We are extremely pleased to have been granted a banking license from the DFSADFSA, and to have recently joined the DIFCDIFC community. With this move, ABN AMROABN AMRO Private Banking renews our commitment to the Middle East and allows us to continue to serve our clients. We will continue to provide our clients - who have entrusted us with the fulfilment of their financial needs - with the same high level of service to which they are accustomed. Our industry has faced challenging times of late, yet we believe our future to be dynamic with plenty of opportunities for growth".
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About DIFC
The Dubai International Financial Centre (DIFC)The Dubai International Financial Centre (DIFC) is an onshore hub for global finance. It bridges the time gap between the financial centres of Hong Kong and London and services a region with the largest untapped emerging market for financial services. In just five years, over 850 firms have registered at DIFCDIFC. They operate in an open environment complemented with world-class regulations and standards. DIFCDIFC offers its member institutions incentives such as 100 per cent foreign ownership, zero tax on income and profits and no restrictions on foreign exchange. In addition their business benefits from modern infrastructure, operational support and business continuity facilities of uncompromisingly high standards.
, please contact:Amira Abdulla
Director - Regional Public Relations
Dubai International Financial CentreDubai International Financial Centre
Tel: +971 4 362 2433
Email: amira.abdulla@difc.ae
Shaima Al Zarouni
Assistant PR Manager
ubai International Financial Centre
Tel: +971 4 362 2432
E-mail: shaima.alzarouni@difc.ae
Iman Ahmad
Regional Media Relations Manager
Dubai International Financial Centre
Tel: +971 4 362 2685
E-mail: iman.ahmad@difc.ae
© Press Release 2010
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