Societe Generale has received a license upgrade by Dubai International Financial Centre (DIFC), allowing it to book lending locally in what is considered to be a testament of the French bank’s commitment to grow its regional business from Dubai.
Societe Generale’s license has been upgraded to Category 2 by the Dubai Financial Services Authority (DFSA).
“DIFC continues to successfully deepen its existing relationships with financial institutions that aspire to expand their business,” said Arif Amiri, CEO of DIFC Authority.
“These institutions have confidence in DIFC’s offering and benefit from our leading financial services ecosystem, as well as our legal and regulatory framework. We would like to congratulate Societe Generale, a long-standing DIFC client on obtaining their license upgrade and look forward to their continued success,” he continued.
Societe Generale is one of Europe’s pre-eminent financial services groups and applies a diversified and integrated banking model based on financial strength and proven expertise in innovation combined with a strategy of sustainable growth.
“Societe Generale Middle East takes a natural step forward after 25 years of on-ground presence, reflecting the maturity of our set-up and our expansion ambitions across the GCC and Egypt,” said Aymeric Arnaud, group regional CEO of Societe Generale Middle East.
“We appreciate the trust and confidence that DIFC places in us. The upgrade of our regulatory license is in line with our regional growth strategy, focused on advising and arranging large-scale financings, among others. It will allow us to better serve our regional clients as we collectively shift to a more sustainable future,” he added.
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