Ansbacher & Co Limited, the major private banking group, was today authorised by the QFC Regulatory Authority to operate regulated services in the QFC.
Ansbacher & Co. is a financial institution focused on private banking, wealth management and private equity fund activities. It has an established international presence that gives clients access to specialists all over the world.
The QFC has been established so that financial institutions and major multi-national corporations that move to Qatar can participate in the Country's growth within a first class business and regulatory framework. Companies will have the comfort and security of operating in a centre with laws and regulations based on international best practices, drafted and operated in English- and regulated to the highest standards by respected and independent regulators.
Commenting on the authorisation, Stuart Pearce, Chief Executive of the Qatar Financial Centre said:"We are delighted Ansbacher has been authorised to operate in the QFC and the fact that it is the first foreign bank to move to the Centre adds particular significance to this event. I am also glad to say there has been a steady stream of interest from banks, asset managers and other institutions in making applications for authorisation.
"The QFC offers an exciting opportunity for institutions to share in the extensive opportunities that Qatar has to offer - to create value for themselves and to bring complementary assets and skills to the region."
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Ansbacher & Co. first bank to be granted a license to operate in QFC
- Qatar: Saturday, October 01 - 2005 at 11:30
- PRESS RELEASE
Qatar Financial Centre (QFC)'s commercial strategy to encourage international financial services institutions to participate in the growing financial market in Qatar today received a boost through the first signing of a financial institution.
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About the Qatar Financial CentreThe Qatar Financial Centre (QFC) is a financial and business centre established by the Government of Qatar and located in Doha. It has been designed to attract international financial services institutions and major multi-national corporations and to encourage participation in the growing market for financial services in Qatar and elsewhere in the region. The QFC will operate to international standards and provide a first class legal and business infrastructure for those doing business within the QFC. The QFC was created by QFC Law No.(7) of Qatar and has been open for business since 1 May 2005 and is now receiving applications.
About the QFC Regulatory Authority
The QFC Regulatory Authority is an independent regulatory body established by Article 8 of the QFC Law. It regulates firms that conduct financial services in or from the QFC. It has a broad range of regulatory powers to authorise, supervise and, when necessary, discipline firms and individuals. The QFC Regulatory Authority regulates firms using principle-based legislation of international standard, modeled closely on that used in London and other major financial centres.
About the QFC Authority
The QFC Authority is the commercial, administrative and legislative body responsible for driving the commercial strategy of the QFC and for developing relationships with the global corporate community and other key institutions both within and outside of Qatar.
For further details:
Stuart D. Pearce
Chief Executive Officer and Director General Qatar Financial Centre
Telephone +974 494 5501
David Telling
Tel:+ 44 7976 272 352
Posted by Lara Lynn Golden, News EditorSaturday, October 01 - 2005 at 11:30 UAE local time (GMT+4)
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This article was updated on Tue May 30 2006.
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