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EFG Bank joins DIFC

ZURICH/DUBAI — EFG International - a global private banking group offering private banking and asset management services, headquartered in Zurich - yesterday announced that its subsidiary EFG Bank has been granted a licence by the Dubai Financial Services Authority (DFSA).

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By A Staff Reporter

Published: Wed 8 Feb 2006, 9:12 AM

Last updated: Sat 4 Apr 2015, 2:34 PM

EFG Dubai, a branch of EFG Bank, has been awarded a licence by the Dubai Financial Services Authority (DFSA) to operate as an authorised firm from the Dubai International Financial Centre (DIFC). The office in Dubai is staffed by a pool of experienced bankers and specialists with substantial experience in serving the region’s high net worth individuals.

According to Lawrence Howell, CEO of EFG International, EFG Bank will place its regional headquarters in Dubai due to its central geographic location and transparent banking regulations. He added “ We are very pleased to be licensed by the DFSA and to be able to expand our global presence by adding both a new location and a new branch. EFG Dubai will provide the necessary platform to expand our private banking operations in this attractive region.”

Outlining the significance of the DIFC banking license on the regional development of EFG Bank, Bassam Salem, CEO Middle East and India said, “We are committed to the Middle East as a region and in particular to Dubai. As an international financial centre, Dubai is able to offer unparalleled benefits to the banking sector. We are confident that Dubai’s effective financial services and banking infrastructure, combined with its close proximity to Saudi Arabia, India, and the Gulf countries will prove to be an invaluable asset to EFG Bank.

A Staff Reporter

Published: Wed 8 Feb 2006, 9:12 AM

Last updated: Sat 4 Apr 2015, 2:34 PM

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