Russian firm gets okay to operate from DIFC
Dubai, May 18, 2009
VTB Capital, a unit of VTB Group, a major financial group in Russia, has received a licence from the Dubai Financial Services Authority (DFSA) to operate as an authorised firm in the Dubai International Financial Centre (DIFC).
Headquartered in Moscow, VTB Capital, investment business of VTB, has a focused international expansion strategy as part of which it already has a well-established banking presence in London.
VTB Capital’s London office has a branch in Singapore that operates as an Asia-Pacific hub for its business. Consistent with its international strategy, the Dubai office will serve a gateway for VTB Capital into the Middle East and Africa.
The new office will provide a wide range of investment banking services including arranging and advising on securities, derivatives and a broad set of other financial products.
VTB Capital, through its Dubai branch, will facilitate investment flows between the Middle East, Africa and Russia by providing its clients, both in Russia and the Middle East, with access to market opportunities, unique solutions and tailor-made products.
“VTB Capital’s presence in DIFC’s business community will help strengthen ties between the Middle East and Russia,” said Nasser Al Shaali, chief executive officer, DIFC Authority.
“Investors from the Gulf have recently expressed increased interest in opportunities in Russian and CIS markets,” he added.
“As a leading Russian investment bank that has vast experience in international capital markets, VTB Capital is well placed to service this growing demand. We look forward to providing VTB capital with the support necessary to establish its operations and grow its business in the region.”
Yuri Soloviev, president and global CEO of VTB Capital, said: “Asia, Middle East and Africa are strategic markets in terms of VTB Capital’s business development. The region contains a number of very appealing countries both from the capital and investment perspectives.
“VTB Capital acts as a conduit for investors who wish to participate in the success of the Russian market. In VTB Capital, investors can get a local partner who can offer high quality services and solutions in key financial centres both in the MENA region and Russia,” he noted. - TradeArabia News Service