By Staff writer
Plans to build up wealth management services
UBS has been granted a license by the DFSA to open an office in the DIFC.
The firm says the move will help it to achieve its goal of becoming one of the region’s leading financial services providers.
The bank now has 200 people dedicated to the Middle Eastern market, of which 65 are already based in the Gulf region.
The firm plans to open a branch office in the DIFC by the end of the year, which will focus on UBS’s core businesses of wealth management, investment banking and global asset management.
Peter Wuffli, chief executive officer of UBS, said: “With over 40 years experience in the region and a well-established track record in the Gulf, our decision to open a branch in the DIFC represents further evidence of UBS’s long-term commitment to the region.”
“We are delighted with the news that we now have permission to open a branch here and look forward to assisting our clients in making the most of the exciting opportunities which the UAE and wider Gulf region have to offer during this time of impressive growth and expansion,” added John Fraser, chairman and CEO of UBS Global Asset Management.
UBS also plans to use the new DIFC branch to grow its Islamic finance capabilities in the region and become a leading force in Shariah products.
Dr. Omar Bin Sulaiman, governor of DIFC, said: “UBS brings with it a range of highly regarded and expert services that will greatly benefit wholesale clients in the region.
The world’s leading investment banks are now using the DIFC as a platform to expand their businesses throughout the region.”