Hinduja Bank (Middle East) to provide banking services from DIFC

Mumbai: Hinduja Bank (Middle East), a subsidiary of the Switzerland-based Hinduja Bank (Switzerland), has obtained authorization from the Dubai Financial Services Authority (DFSA) to upgrade its license to Category 1. The new license enables it to provide a full range of banking services from the Dubai International Financial Centre (DIFC).

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The license upgrade is part of the bank's efforts to expand its range of investment solutions and financial products and facilitate cross-regional banking services for its clients in Europe, Middle East and South Asia.

HE Ahmed Humaid Al Tayer, Governor, DIFC said, "The expansion of companies like Hinduja Bank (Middle East) Ltd out of DIFC is testimony to the Middle East's ability to recover faster than other markets from the impact of the global financial crisis. Many global financial institutions are currently scaling up their operations from DIFC, which is evidence of the fact that the financial services sector in the region israpidly returning to its high-growth track. With its vast proven oil and gas resources and increasing role in the global economy, the region offers exciting long-term opportunities for global banking institutions."

Hinduja Bank (Middle East)'s parent company Hinduja Bank (Switzerland) offers a full range of services covering wealth management, trade finance, investment solutions and corporate advisory to select clients. A Swiss private bank with an extensive network, the company has developed unique expertise in managing the personal and corporate banking needs of family businesses and entrepreneurs.

S. P. Hinduja, Chairman, Hinduja Group said, "The Hinduja Group has been operating in the UAE for decades. Our commitment is demonstrated by significant investments like Ashok Leyland in Ras Al Khaimah, Gulf Oil in Jebel Ali Free Zone and now Hinduja Bank (Middle East) Ltd in DIFC. It is our firm conviction that Dubai will be the crucial economic and financial link between the Middle East, Asia and the West. The upgrade of the Hinduja Bank's license will enable it to make a greater contribution to the future growth of the region. The Hinduja Banking Group looks to bring "trust" and "safety" back into banking, via its four booking centres (Switzerland, Dubai DIFC, Cayman, India) by committing to maintain one of the highest Capital Adequacy Ratios."

The Geneva-headquartered bank, which is part of the Hinduja Group, one of the world's largest diversified business groups, has operated in Switzerland since 1963. Recently, the bank acquired Banca Commerciale Lugano (BCL), an independent Swiss bank.