The Dubai International Financial Centre (DIFC) has reported that Credit Suisse has issued a Letter of Intent regarding its application for an operating license.
"We have closely examined the model of the Dubai International Financial Centre and, based on our positive evaluation, have decided to issue a Letter of Intent. We are convinced of the growth potential of this dynamic region and are very strongly committed to it," said CEO Asia Pacific, Middle East, America, Eastern and Northern Europe and member of the Management Committee Private Banking of Credit Suisse, Joe Straehle.
"Credit Suisse has been present in the region for 25 years and was one of the first foreign banks to set up operations in the area. Therefore this step is a logical continuation of our close relationship with the Gulf region."
DIFC is an independent unitary regulatory authority responsible for the oversight of asset management, banking, securities trading, Islamic finance, re-insurance and a regional financial exchange. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
