Switzerland's Hinduja Bank (Middle East) registers with DIFC
BS Reporter / Mumbai Mar 22, 2010, 14:53 IST
Hinduja Bank (Middle East) Ltd, a subsidiary of the Switzerland-based Hinduja Bank Ltd, has obtained authorisation 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).
According to a company release, 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.
The Dubai International Financial Centre (DIFC) is an onshore hub for global finance. In just five years, over 850 firms have registered at DIFC that offers its member institutions incentives such as 100 per cent foreign ownership, zero tax on income and profits and no restrictions on foreign exchange.
Speaking on the occasion, S P Hinduja, chairman, Hinduja Group said that the "upgrade of the Hinduja Bank's license will enable it to make a greater contribution to the future growth of the region".
Hinduja Bank (Middle East) Ltd’s parent company Hinduja Bank (Switzerland) Ltd 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. The Geneva-headquartered bank, which is part of the Hinduja Group, is one of the world’s largest diversified business groups operating in Switzerland since 1963. Recently, the bank acquired Banca Commerciale Lugano (BCL), an independent Swiss bank.
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