DIFC Welcomes Lebanon's BankMed
by Lorys Charalambous, Lowtax.net, Cyprus
10 March, 2015
BankMed, one of Lebanon's leading and fastest-growing banks, announced on March 5, 2015, that it has officially started operating from the Dubai International Financial Centre.
The bank recently received a license from the Dubai Financial Services Authority, the DIFC's regulator, to do business as a Category 1 authorized financial firm.
Through its DIFC presence, BankMed intends to offer corporate banking, treasury, and risk management solutions to clients in the United Arab Emirates (UAE) and the Gulf Cooperation Council (GCC) region.
MedSecurities Investment (MedSecurities), a subsidiary of BankMed, has also obtained a Category 3 license. MedSecurities offers a range of investment products and bespoke solutions, and also brokerage services.
By the end of 2014, the DIFC was home to more than 1,113 active registered firms, employing 16,560 people at the Centre. The DIFC offers a number of perks to firms, including zero percent income tax guaranteed for 50 years and no exchange controls. The Centre also allows 100 percent foreign ownership.
BankMed also has operations in Switzerland, Turkey, Saudi Arabia, Cyprus, and Iraq.
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