Granted licence approval from the Dubai Financial Services Authority (DFSA)
First Middle East office is part of the company's emerging markets growth strategy
New office offers products to UAE based financial intermediaries
Standard Life, a leading long term savings and investments company, today announced the launch of its office in the Dubai International Financial Centre (DIFC), which will offer products to UAE based financial intermediaries. The company has been granted a licence by the Dubai Financial Services Authority (DFSA) to establish a branch of 'Standard Life International Limited' (SLIL) within the DIFC. The move follows the company's extension into the South East Asia market via Singapore, announced in October this year.
Led by regional CEO Chris Divito, this development is part of Standard Life's strategy to broaden the company's distribution platform and expand its international footprint in high growth, high value emerging markets. Having worked in senior positions with Standard Life for over 15 years, Chris brings a wealth of international industry experience to the Middle East market.
Nathan Parnaby, Chief Executive, Asia and Emerging Markets, Standard Life said:
"Our long term vision within the Middle East is to build a leading retail savings and investments business. Being a large and respected wealth centre, the UAE is at the centre stage of our regional business strategy. We are confident of strong growth as there is high demand within the region for established and trusted brands like Standard Life to deliver leading savings and investment solutions.
The DIFC is a recognised financial centre and we are committed to building our regional business from there, building on the strength of our existing relationships with customers and distribution partners.
We believe the DFSA licence approval provides great opportunity for our business within this high growth market."
Standard Life's current businesses within Asia and Emerging Markets includes its Retail Investments Business which operates out of Hong Kong and Singapore, as well as its life and asset management joint venture businesses in China and India.
Chris Divito, CEO, Standard Life International Limited (DIFC Branch) commented:
"This new office is a timely and strategic development for the company's business relationships in the region. 'Standard Life International Limited' will principally address the growing needs of Dubai based clients through an intermediated business model. We strongly believe in the region's huge potential and look forward to develop our business in these markets.
With our global expertise and competitive product line, we offer an attractive proposition which is expected to be welcomed in the market."
Established in 1825, Standard Life is a leading provider of long term savings and investments to around 6 million customers worldwide. Headquartered in Edinburgh, Standard Life has around 9,000 employees internationally.
The Standard Life group includes savings and investments businesses, which operate across its UK, Canadian and European markets; corporate pensions and benefits businesses in the UK and Canada; Standard Life Investments, a global investment manager, which manages assets of over £163.4bn globally; and its Chinese and Indian Joint Venture businesses. At the end of June 2012 the Group had total assets under administration of over £211bn.
Standard Life plc is listed on the London Stock Exchange and has approximately 1.5 million individual shareholders in over 50 countries around the world. It is also listed in the Dow Jones Sustainability World Index, ranking it among the top 10% of sustainable companies in the world.
Standard Life International Limited is authorised and regulated by the Central Bank of Ireland. Standard Life International Limited (DIFC) is a branch of Standard Life International Limited and is authorised by the Dubai Financial Services Authority.
All figures at 30 September 2012
For further information, please contact:
FTI Consulting:
John Hobday / Manash Bhuyan
Tel: +971 50 4648706 / +971 50 8419631
Email: john.hobday@fticonsulting.com / manash.bhuyan@fticonsulting.com
Standard Life:
Anisa Byrne
Tel: +971 4 4019688
Email: anisa_byrne@standardlife.ae
© Press Release 2012
