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EFG granted banking license in Dubai

Private bank EFG International has announced that it has been granted a license by the Dubai Financial Services Authority (DFSA).

Based in Zurich, EFG revealed that the license has been awarded to EFG Dubai, a branch of its subsidiary EFG Bank.

The global private banking group, which provides private banking and asset management services, said the license grants EFG Dubai the right to operate as an authorised firm from the Dubai International Financial Centre (DIFC).

The DIFC is a high-profile office in Dubai, staffed by bankers and specialists with expert experience in the region.

Lawrence Howell, CEO of EFG International, said: "We are very pleased to be licensed by the DFSA and to be able to expand our global presence by adding both a new location and a new branch. EFG Dubai will provide the necessary platform to expand our private banking operations in this attractive region."

EFG Bank's CEO Middle East and India, Bassam Salem, added that the company was committed to its operations in the Middle East and was confident that the new branch in Dubai would prove an "invaluable asset" in the year's to come.