Swiss bank Julius Baer has confirmed that it will open an office in the Dubai International Financial Center (DIFC), acting as their headquarters for the Middle East and Sub-continental region. Julius Baer will be among the early institutions to be established in the DIFC, with their office expected to be operational by January 2003.
The new DIFC project envisages the establishment of a world-class financial district in the emirate of Dubai, United Arab Emirates (UAE), in line with New York, London, Singapore and Hong Kong.
Julius Baer is the largest independent private bank among the traditional Swiss banking guard, providing investment, consulting, fund management, brokerage and other private banking services to wealthy individuals and institutional investors worldwide.
While this will continue to remain at its core, Julius Baer's regional operation is expected to focus on institutional asset management, among other wholesale banking activities.
Legislation to provide the DIFC with a Regulatory Authority and create the Authority's powers is now being drafted. Those powers will include the ability to license institutions and register individuals to conduct financial services activities within the DIFC.
The Regulatory Authority will be processing applications and considering the grant of licenses institutions wishing to establish a business in the DIFC. It is expected that the necessary legislation will have been enacted and the Authority will be in a position to issue the first licenses by early January 2003. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
