CALYON joins the DIFC

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Albert Momdjian, CEO of the DIFC branch of Calyon, and Nasser Al Shaali, CEO, DIFC Authority.

The world's sixth largest bank has been granted a licence to operate in the Dubai International Financial Centre (DIFC) and will open an office next month, according to an official statement.

CALYON, the corporate and investment banking division of the Crédit Agricole Group, the world's sixth largest bank as measured by Tier One Capital, has been granted a full service licence to provide investment banking and capital markets services from the DIFC. CALYON will open a full service office in the DIFC in July 2007.

Through its DIFC office, CALYON will offer clients a range of global investment banking services including M&A advisory, capital markets and structured finance.

A spokesman for the bank told Arabianbusiness.com that over the coming months CALYON would "significantly" build on its regional business, opening additional offices in Saudi Arabia and Egypt and expanding its investment banking and capital markets services across the region.

Albert Momdjian, CEO of the DIFC branch and managing director and head of Middle East and Africa investment banking, said: "CALYON is a global bank and one of the top five foreign banks in the Middle East and North Africa region, and has been present here for over 50 years.

"With our DIFC license we will be able to build on this and significantly strengthen our offering to clients in the region, with an aim to become one of the strongest investment banking groups in the Middle East and Africa region.

Nasser Al Shaali, CEO of the DIFC Authority, added: "We recognise that the bank has an historic, deep commitment to, and strong presence in, the MEA region, as well as in Asia and Europe.

"DIFC, as the economic heart of the region and home to many of the world's leading financial institutions, provides the bank a platform to continue expanding its regional business and to be a catalyst for economic growth, development and diversification."

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