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Friday, December 4 - 2009

Credit Suisse launches full service bank at Dubai International Financial Centre

  • United Arab Emirates: Sunday, May 01 - 2005 at 16:29
  • PRESS RELEASE

Credit Suisse, a leading global financial services provider headquartered in Zurich, announced today at a press conference in Dubai that it has officially commenced full-service banking operations at its new branch at the Dubai International Financial Centre (DIFC).

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  • From left to right: Mr. Joachim H. Straehle - Member of the Executive Board Credit Suisse and Head Private Banking International, Dr. Omar Bin Sulaiman - Director General of the Dubai International Financial Centre Authority, Dr. Hans-Ulrich Doerig - Vice-Chairman of the Board Credit Suisse Group and Mr. Beat Naegeli - Managing Director and Head Credit Suisse in Dubai.
    From left to right: Mr. Joachim H. Straehle - Member of the Executive Board Credit Suisse and Head Private Banking International, Dr. Omar Bin Sulaiman - Director General of the Dubai International Financial Centre Authority, Dr. Hans-Ulrich Doerig - Vice-Chairman of the Board Credit Suisse Group and Mr. Beat Naegeli - Managing Director and Head Credit Suisse in Dubai.
Credit Suisse was the first company to move into 'The Gate', the landmark building within the DIFC. The official opening took place under the patronage of His Highness General Sheikh Mohammed bin Rashid Al Maktoum, Dubai Crown Prince, UAE Minister of Defense and President of the Dubai International Financial Centre.

Credit Suisse considers the Middle East to be one of its most important markets and has decided to expand its operation in the region to cater to investors' private banking needs. In December 2004, Credit Suisse was granted the first full-service bank license to operate under the authority of the Dubai Financial Services Authority as of April 1st 2005.

Joachim H. Straehle, Member of the Executive Board of Credit Suisse and Head of Private Banking International, stated: "We have been building up our knowledge and understanding of the Middle East since the 1970s. Thus we regard the opening of our Dubai branch as an important step in the continuation of our growth strategy in the region."

Dr. Omar Bin Sulaiman, Director General, Dubai International Financial Centre Authority (DIFCA), commented: "On behalf of the DIFCA I wish to offer our sincere congratulations to Credit Suisse on the launch of its new venture at the DIFC. Credit Suisse has been an advocate of the DIFC since the outset. It was the first company to announce that it was planning to apply to the regulator for a licence to operate from the centre and it is appropriate that it should be the first company to offer its private banking services from 'The Gate'.The DIFC will contribute to the development and growth of Dubai, the UAE and the wider region. With firms of the calibre of Credit Suisse operating from the centre our success is assured."

Beat Naegeli, Managing Director in charge of the Branch in Dubai added: "We are the first bank to have received a license to offer fully-fledged private banking services under the regulation of the Dubai Financial Services Authority. One important aspect of the license is the fact that it allows us to book our clients' assets onshore."

The bank, which will be celebrating its 150 year anniversary in 2006, will primarily be targeting private banking clients with liquid assets of over USD 1 million and will provide a comprehensive service to its clients.
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Notes and media contacts

Contacts:

Rawaj International, Zeina El-Dana
+971 4 391 35 60

Beat Naegeli, Head Credit Suisse Dubai
+971 4 362 00 00

Credit Suisse Media Relations, Zurich
+41 44 333 88 44

Credit Suisse Group
Credit Suisse Group is a leading global financial services company headquartered in Zurich. It provides private clients and small and medium-sized companies with private banking and financial advisory services, and pension and insurance solutions from Winterthur. In the area of investment banking, it serves global institutional, corporate, government and individual clients in its role as a financial intermediary. Credit Suisse Group's registered shares (CSGN) are listed in Switzerland and in the form of American Depositary Shares (CSR) in New York. The Group employs around 60,000 staff worldwide. As of December 31, 2004, it reported assets under management of CHF 1,220.7 billion.

Cautionary Statement Regarding Forward-Looking Information
This press release contains statements that constitute forward-looking statements. In addition, in the future we, and others on our behalf, may make statements that constitute forward-looking statements. Such forward-looking statements may include, without limitation, statements relating to our plans, objectives or goals; our future economic performance or prospects; the potential effect on our future performance of certain contingencies; and assumptions underlying any such statements. Words such as "believes," "anticipates," "expects," "intends" and "plans" and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. We do not intend to update these forward-looking statements except as may be required by applicable laws. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that predictions, forecasts, projections and other outcomes described or implied in forward-looking statements will not be achieved. We caution you that a number of important factors could cause results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. These factors include (i) market and interest rate fluctuations; (ii) the strength of the global economy in general and the strength of the economies of the countries in which we conduct our operations in particular; (iii) the ability of counterparties to meet their obligations to us; (iv) the effects of, and changes in, fiscal, monetary, trade and tax policies, and currency fluctuations; (v) political and social developments, including war, civil unrest or terrorist activity; (vi) the possibility of foreign exchange controls, expropriation, nationalization or confiscation of assets in countries in which we conduct our operations; (vii) the ability to maintain sufficient liquidity and access capital markets; (viii) operational factors such as systems failure, human error, or the failure to properly implement procedures; (ix) actions taken by regulators with respect to our business and practices in one or more of the countries in which we conduct our operations; (x) the effects of changes in laws, regulations or accounting policies or practices; (xi) competition in geographic and business areas in which we conduct our operations; (xii) the ability to retain and recruit qualified personnel; (xiii) the ability to maintain our reputation and promote our brands; (xiv) the ability to increase market share and control expenses; (xv) technological changes; (xvi) the timely development and acceptance of our new products and services and the perceived overall value of these products and services by users; (xvii) acquisitions, including the ability to integrate successfully acquired businesses; (xviii) the adverse resolution of litigation and other contingencies; and (xix) our success at managing the risks involved in the foregoing. We caution you that the foregoing list of important factors is not exclusive; when evaluating forward-looking statements, you should carefully consider the foregoing factors and other uncertainties and events, as well as the risks identified in our most recently filed Form 20-F and reports on Form 6-K furnished to the US Securities and Exchange Commission.

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