Calyon joins DIFC
Dubai, June 24, 2007
Calyon has been granted a full service licence to provide investment banking and capital markets services from the Dubai International Finance Centre.
Calyon will open a full service office in the DIFC in July 2007.
Calyon is the corporate and investment banking division of the Crédit Agricole Group, the world’s sixth largest bank as measured by Tier One Capital (The Banker, July 2006).
Through its DIFC office, Calyon will continue to offer clients a range of innovative global investment banking services including M&A advisory, capital markets and structured finance.
Over the coming months the bank will be significantly building on its regional business, opening additional offices in Saudi Arabia and Egypt and expanding its investment banking and capital markets services across the region.
Commenting on the new licence, 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 African 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.
“DIFC is a natural location to serve as a strategic hub for Calyon’s regional investment banking business.
“It offers a unique position as a bridge between the capital markets of Europe and Asia, where Calyon enjoys strong positions,” added Momdjian.
“DIFC is well known as the world’s newest and most rapidly growing international financial centre, in one of the most dynamic regions in the world.
“With the favorable legal and regulatory environment, it is a logical location for us to be.”
Nasser Al Shaali, CEO, DIFC Authority, said:
“It is a pleasure to welcome Calyon to the DIFC.
“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.”
Calyon Crédit Agricole CIB is the investment banking arm of the Crédit Agricole Group.
The Dubai International Financial Centre (DIFC) is an onshore hub for global finance.
It bridges the time gap between the financial centers of Hong Kong and London and services a region with the largest untapped emerging market for financial services.
In just under two years, over 400 firms have registered at the DIFC.
They operate in an open environment complemented with world-class regulations and standards.
The DIFC offers its member institutions incentives such as 100 per cent foreign ownership, zero tax on income and profits and no restrictions on foreign exchange. TradeArabia News Service