• Home
• /
• Local business

First Canadian Bank to Operate from DIFC

DUBAI - The Dubai International Financial Centre on Tuesday announced that Scotiabank, one of North America’s leading financial institutions, has received a licence from the Dubai Financial Services Authority, 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 Dubai International Financial Centre. “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, manufactures and refiners.

business@khaleejtimes.com