Dubai, 13 June 2011
Macquarie Bank Limited (Macquarie), the international financial services group, announced today that it has received a Category 4 Branch License from Dubai Financial Services Authority (DFSA). The license allows Macquarie to operate as an authorised entity from within the Dubai International Financial Centre (DIFC) where it will market financial products suitable for clients based in the Middle East.
Macquarie will develop the local product offering from its Fixed Income, Currencies and Commodities (FICC) business focusing on the provision of interest rate derivatives, foreign exchange derivatives, commodities (both physical and derivatives), investor products and structured finance. Macquarie will seek to service clients in the Gulf Cooperation Council states with particular focus on the UAE, Oman, Qatar and Kuwait.
Marwan Ahmad Lutfi, Deputy CEO and head of Business Development at DIFC Authority said: “Macquarie is an outstanding global financial institution and its presence will add diversity to DIFC’s growing number of distinguished partners. We welcome them on board and look forward to supporting their business in the region.”
Head of FICC for Macquarie in Europe, the Middle East and Africa, Paul Plewman, said: “The Dubai International Financial Centre provides a strategic gateway to reach a wider base of clients and investors as well as tap into the region’s growth prospects.”
"Macquarie's international operations include offices in the world's major financial centres and this new initiative is in line with our approach of identifying opportunities where we believe our expertise can help meet demand," said Mr Plewman.
The Dubai International Financial Centre (DIFC) is an onshore finance and business hub connecting the Middle East, Africa and South Asia region (MEASA) and the rest of the world.
Since its launch in 2004, the DIFC has established a current client base of 780 firms which have registered at the Centre, including 16 of the world’s largest 20 banking institutions. Thousands of employees operate in an open environment complemented by international regulations, laws and standards. The DIFC offers its member institutions incentives such as 100 per cent foreign ownership, zero percent tax rate on income and profits and no restriction on capital convertibility or profit repatriation. In addition, the DIFC’s clients benefit from modern infrastructure, operational support services and business continuity facilities.