Sumitomo Mitsui Banking Corporation to open office in Dubai International Financial Centre

Published May 22nd, 2006 - 12:07 GMT

Sumitomo Mitsui Banking Corporation (SMBC) has become the second Japanese bank to establish presence at the Dubai International Financial Centre. It has been licensed by the Dubai Financial Services Authority as an authorised firm.

Dr Omar Bin Sulaiman, Director General of DIFC Authority, commented: “We welcome Sumitomo Mitsui Banking Corporation to the Dubai International Financial Centre. UAE and Japan have long established bilateral relations. In fact, Japan was one of the first countries with which the UAE established diplomatic relations in 1971, the year the federation was established. We have come a long way since. The UAE in general and Dubai in particular, offers immense potential to Japanese companies with our rapidly maturing financial markets. And, the Middle East market has never looked better as economies and markets continue to grow and banks are flush with liquidity.  The DIFC is the gateway to the region’s US $ 1.9 trillion GDP and two billion consumers. We wish them all the success.”

Yukinori Kojima, Senior Executive Officer, SMBC (DIFC) commented: “We are looking forward to developing our business from the dynamic and innovative city of Dubai.  The branch will complement and strengthen our existing regional network in Bahrain, Tehran and Cairo, as well as our specialized banking teams based in London, in providing banking services in the Gulf and surrounding region.  SMBC has had the privilege of working with governments, municipalities, banks, corporations and projects in the region for over thirty years.  Our Dubai branch will bring us closer still to our customers and partners, and help us broaden and deepen our activities in this important region. “

In the Middle East, SMBC currently has three representative offices: in Bahrain, Tehran and Cairo.  The addition of Dubai Branch will enable SMBC to strengthen its capability to promptly offer sophisticated financial services, such as trade finance and project finance, and to further enhance its presence in the Middle East and the surrounding region, including Central Asia.

 

About the DIFC: The Dubai International Financial Centre (DIFC) is an onshore hub for global finance. It bridges the time gap between the financial centres of Hong Kong and London and services a region with the largest untapped emerging market for financial services.

In just over one year, more than a hundred top international institutions have joined the DIFC as members. They operate in an open environment complemented with world-class regulations and standards. The DIFC offers its member institutions incentives such as 100 per cent foreign ownership, zero tax on income and profits and no restrictions on foreign exchange. In addition their business benefits from modern infrastructure, operational support and business continuity facilities of uncompromisingly high standards.

The DIFC is made up of the following core bodies:
1. The DIFC Authority (DIFCA) - Responsible for the Companies and Security Registries and attracting financial as well as non-financial institutions to set up in the DIFC. (www.difc.ae)
2. The Dubai Financial Services Authority (DFSA) - An independent, unitary regulatory authority, responsible for the regulation of all DIFC operations. Its principle-based primary legislation is modeled on that used in London and New York, and its regulatory regime operates to standards that meet or exceed those in major financial centres.   (www.dfsa.ae)
3. The Dubai International Financial Exchange (DIFX) – A liquid and transparent electronic market trading securities, bonds and derivatives, launched in September 2005, the DIFX eases access to regional and international investment opportunities and funds. (www.difx.ae )
4. The DIFC Courts - An independent court system set up to uphold the provisions of DIFC laws and regulations, the courts provide comprehensive legal redress in civil and commercial matters within the DIFC. The DIFC Courts system is especially designed to deal with all of sophisticated transactions that will be conducted within DIFC. The DIFC Court laws, based on the common law,
not only sets out the jurisdiction of the court but also provides for a dispute resolution services, including arbitration and mediation, thus allowing for the independent administration of justice in the DIFC. ( www.difccourts.ae )

 


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