UK-based Bank of London and the Middle East (BLME) has opened a branch in the Dubai International Finance Centre (DIFC).
The new office will focus on providing a wealth management service for professional private banking clients and family offices in the DIFC.
The branch will be led by newly appointed senior executive officer Rayan Kazerooni.
The office opening, BLME’s first in the GCC, was hailed as an important milestone for the bank by its head of wealth management, Andrew Ball. “The GCC is key to BLME’s business and opening a branch in the DIFC reflects our commitment to the region,” he said.
The move would spearhead the bank’s ambition to become the primary UK-based wealth provider for UAE citizens and provide a “tangible link to the UK for our regional clients” said Kazerooni. Earlier this month BLME signed a memorandum of understanding with Bahrain-based Al Baraka Banking Group.
©2018 funds global mena