DIFC Welcomes Bank Of Singapore
by Lorys Charalambous, Lowtax.net, Cyprus
22 November, 2016
The Dubai International Financial Centre (DIFC), a free trade zone in the United Arab Emirates, has given the Bank of Singapore regulatory approval to open a branch.
This will allow Bank of Singapore to extend private banking services to its ultra-high and high net worth clients in the region, and further strengthens DIFC's position as a growing global financial gateway.
The official opening of the branch is scheduled to take place in the first quarter of 2017.
Bank of Singapore has been in Dubai since 1996 through its representative office based outside of the DIFC. The move to DIFC signifies a new commitment by Bank of Singapore to further deepen its presence in this region.
Arif Amiri, Chief Executive Officer of DIFC Authority, commented: "We welcome the Bank of Singapore to DIFC, recognition of both the growing demand for financial services in the region and the fact that DIFC, as the Middle East, Africa and South Asia's leading international financial center, offers a best practice legal, regulatory, and infrastructure platform for international bank expansion."
Amiri added: "Singapore and Dubai share an affinity: both are modest in geographic size yet highly developed, cosmopolitan, and incredibly dynamic. As the cities are becoming twin hubs for their respective regions, the arrival of Bank of Singapore in DIFC signifies a move to ever closer cooperation and a mutual desire to strengthen trade along the South-South corridor."
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