The visit follows the recent opening of Calyon's DIFC office from where it aims to significantly build on its regional business, open additional offices and expand its investment banking and capital markets services across the region.
As the investment banking arm of the world's six largest bank, Crédit Agricole, Calyon offers a comprehensive range of global investment banking services including M&A advisory, capital markets and structured finance. Calyon has enjoyed a strong presence in the Middle East and North Africa for over 50 years, with offices in the UAE, Saudi Arabia, Bahrain, Yemen, Syria, Turkey and Egypt.
The visiting party consisted of Georges Pauget, Chief Executive Officer of Crédit Agricole S.A. and Chairman of Calyon; Marc Litzler, Chief Executive Officer of Calyon; and Albert Momdjian, CEO of the DIFC branch and Managing Director and Head of Middle East and Africa Investment Banking.
His Excellency Dr. Omar Bin Sulaiman, Governor, DIFC, commented on the visit: "As one of the top international banks with extensive experience in the Middle East and North African region, Calyon was granted a license to operate from the DIFC in June and has now opened a full service office. As such, we are delighted to host the company's management on this momentous occasion. At the DIFC, we provide a strategic hub for the world's most respected financial institutions and having a global bank with an active regional track record such as Calyon on board proves our success in being the region's international financial centre . It is with great pleasure that we welcome the Board of Calyon to the DIFC today and we look forward to strengthening the excellent relationship we already have with them."
Georges Pauget, Chief Executive Officer of Crédit Agricole S.A. and Chairman of Calyon said: "We have steadily been growing our business across this region for a number of decades. We want to use the strategic opportunity of our new base in DIFC, to further expand operations in key markets like Saudi Arabia and Egypt, in addition to extending and broadening our innovative investment banking solutions and capital market services to our existing customers here."
Mark Litzler commented: "We have a longstanding commitment to the area and an excellent track record in providing quality advice to both local and multinational clients doing business in the region and internationally. Our objective is to grow our client base through working with our customers providing dedicated independent counsel and assist them with all their corporate and investment banking needs in this rapidly growing economic environment. We will achieve this through an extended service offering ranging from M&A advice and execution, equity capital markets products and services, to structured and project financing."
Calyon offers investment banking, including M&A advisory, capital markets, structured finance and acquisition finance and loan syndication services to corporates, financial institutions, governments and semi government organizations.
When asked about the DIFC branch Albert Momdijan added: "We are an organization that is firmly rooted in the Middle East and Africa region and our vision is to continue to build on our existing solid foundations and regional expertise, to confirm our reputation as one of the most trusted investment banking groups in the region. Our new office in the economic hub of the area ensures we are in an excellent position to achieve our ambitious goals and objectives in the region."
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DIFC Governor hosts Calyon board members
- United Arab Emirates: Tuesday, November 06 - 2007 at 13:16
- PRESS RELEASE
His Excellency Dr. Omar Bin Sulaiman, Governor of the Dubai International Financial Centre (DIFC) yesterday welcomed the Board of Directors of Calyon, the corporate and investment banking division of Crédit Agricole, to the region.
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About CalyonCalyon Credit Agricole CIB is the investment banking arm of the Credit Agricole Group. With over 13,000 employees in more than 55 countries, Calyon is active in a broad range of Capital Markets, brokerage, Investment Banking and Financing activities. Credit Agricole is the sixth largest bank in the world by tier 1 capital, number two in Europe (The Banker, July 2006). Credit Agricole Group employs over 155,000 and has Euro 58.7 bn capital and assets in excess of Euro 1,250 bn. In the Middle East and North Africa, Calyon has offices in the United Arab Emirates, Saudi Arabia, Bahrain, Yemen, Syria, Turkey and Egypt. The bank offers investment banking, including M&A advisory, capital markets, structured finance and acquisition finance and loan syndication services to corporates, financial institutions, governments and quasi government organizations. (www.calyon.com)
About the DIFC:
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. In addition their business benefits from modern infrastructure, operational support and business continuity facilities of uncompromisingly high standards.
The DIFC is made up of the following core bodies:
The DIFC Authority (DIFCA) - Responsible for the Companies and Security Registries and attracting financial as well as non-financial institutions to set up in the DIFC. The DIFC Authority is also responsible for developing the financial services industry. (www.difc.ae)
The Dubai Financial Services Authority (DFSA) - An independent, unitary regulatory authority, responsible for the regulation of all DIFC operations. Its principle-based primary legislation is modeled on that used in London and New York and its regulatory regime operates to standards that meet or exceed those in major financial centers. (www.dfsa.ae)
The DIFC Courts - An independent court system set up to uphold the provisions of DIFC laws and regulations, the courts provide comprehensive legal redress in civil and commercial matters within the DIFC. The DIFC Courts system is especially designed to deal with all of sophisticated transactions that will be conducted within DIFC. The DIFC Court laws, based on the common law, not only sets out the jurisdiction of the court but also provides for a dispute resolution services, including arbitration and mediation, thus allowing for the independent administration of justice in the DIFC. ( www.difccourts.ae)
DIFC Investments- The creation of DIFC Investments will result in the allocation to it of all non public administration activities previously carried out by DIFC Authority. This will include amongst other things all commercial and other activities such as the operation and management of any current and future subsidiaries, the development of the centre's investment strategy and relevant policies and any other strategic investments or alliances which will further the goals and objectives of the Dubai International Financial Centre and contribute to the fulfillment of the Centre's vision.
The Dubai International Financial Exchange (DIFX) - The DIFX is the region's first international financial exchange for equities, bonds, Islamic products, funds, index products and (subject to regulatory approval) derivatives. The target areas of the DIFX for seeking issuers include the Middle East and North Africa, as well as South Africa, Turkey and the Indian sub-continent. The regulator of the DIFX is the Dubai Financial Services Authority. The DIFX is located in the Dubai International Financial Centre (DIFC). (www.difx.ae)
Hawkamah- the first Institute for Corporate Governance in the region, has been established in partnership with a group of international institutions, including the Dubai International Financial Centre (DIFC), Organisation for Economic Cooperation and Development (OECD), UAE Ministry of Finance and Industry, Centre for International Private Enterprise (CIPE), International Finance Corporation (IFC), the Union of Arab Banks (UAB), Dubai School of Government (DSG), Young Arab Leaders (YAL), and the Institute of Management Development (IMD). (www.hawkamah.org).
For Media enquiries, please contact:
Amira Abdulla
Dubai International Financial Centre
Tel: +971 4 362 2433
Shaima Al Zarouni
Dubai International Financial Centre
Tel: +971 4 362 2432
Posted by Lara Lynn Golden, News EditorTuesday, November 06 - 2007 at 13:16 UAE local time (GMT+4)
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