Bank of Singapore has opened a branch in the Dubai International Financial Centre (DIFC) in Dubai, UAE.
Deputy Ruler of Dubai and president of DIFC Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, who inaugurated the branch, highlighted the special relationship between Singapore and the UAE, which, he said, is steadily growing stronger.
He stressed that the Government of Dubai continues to work in line with its vision established decades ago of pursuing a strong partnership with local and international private sector companies. He underlined the role that this partnership has played in supporting Dubai’s ambitious development plans across several sectors, including the banking sector, which represents an important pillar of the Emirate’s economy. He further said that DIFC is keen to provide a conducive environment for its partners from across the globe to accelerate their business growth and success.
He also commended Singapore on the recognition it gained at last week’s World Government Summit in Dubai where the country’s Ministry of Finance was awarded the Best M-Government Award in the category of Economy & Commerce. The Summit was established by Vice President and Prime Minister of the UAE and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum.
With the establishment of its DIFC office, Bank of Singapore seeks to usher in a new growth phase in its history in the Middle East. The branch is helmed by veteran banker Kirit Chauhan, Bank of Singapore’s market head for Middle East, Sub-continent and Africa and supported by a team of 75 employees.
In conjunction with the official opening of the DIFC branch, Bank of Singapore organised a business forum titled ‘Global Outlook 2017 Conference’ for 200 clients based in the Middle East and another 50 international clients who were specially flown in to Dubai to attend the event and the opening of the branch.
Bank of Singapore chief executive officer Bahren Shaari said: “This is an important milestone for Bank of Singapore. The Middle East, specifically the UAE, has always been an integral part of our business. The setting up of this branch in DIFC further strengthens our franchise and commitment to serve the burgeoning population of ultra-high and high-net worth individuals in this region.”
Bank of Singapore’s presence in the Middle East goes back over 20 years. It opened its representative office in Dubai in 1996, before the DIFC was set up in 2004.
Chauhan said: “This is an exciting time for the wealth management industry in Middle East. There is clearly potential for this market to develop and flourish. Having a branch in DIFC, the leading financial hub in the Middle East, Africa and South Asia, offers Bank of Singapore an ideal platform to tap on this potential and expand our business further.”
Governor of DIFC Essa Kazim said: “We are delighted to welcome Bank of Singapore, the leading private bank in South East Asia to the Dubai International Financial Centre. Bank of Singapore joins close to 200 Wealth and Asset Management companies who have chosen the DIFC to access the significant pool of emerging wealth in the region.”
“The DIFC continues to attract leading banks and financial institutions from around the world thanks to its world-class connectivity to global markets, access to state of the art infrastructure and legal and regulatory system,” he added. – TradeArabia News Service