DIFC attracts AAA (Moody's) quality as Lloyds TSB International Private Bank moves in

Notes and media contacts

About Lloyd's TSB
Lloyd's TSB Bank ranks among the world's most respected financial institutions. It was founded in 1765 and over the next 150 years, through a series of take-overs and mergers, it absorbed some of the world's longest standing banking businesses in Britain and other major nations.

Lloyds TSB International Private Banking is a division of the Lloyds TSB Bank Group and when established in Geneva in 1920, was one of Switzerland's first foreign banks. Today IPB has accumulated over 70 years of experience in managing clients' assets, and has an established and well-reputed track record. Lloyds TSB Bank IPB offers its clients a comprehensive range of private banking and investment services.

About the DIFC: The Dubai International Financial Centre (DIFC) is an onshore hub for global finance. It bridges the time gap between the financial centres of Hong Kong and London and services a region with the largest untapped emerging market for financial services.

In just over one year, more than a hundred top international institutions have joined the DIFC as members. 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:
1. 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. (www.difc.ae)
2. 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 modelled on that used in London and New York, and its regulatory regime operates to standards that meet or exceed those in major financial centres. (www.dfsa.ae)
3. The Dubai International Financial Exchange (DIFX) - A liquid and transparent electronic market trading securities, bonds and derivatives, launched in September 2005, the DIFX eases access to regional and international investment opportunities and funds. (www.difx.ae )
4. 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 laws, enacted by His Highness Sheikh Maktoum bin Rashid Al Maktoum, UAE Vice President and Prime Minister, and Ruler of Dubai, provide for a new court system designed especially for the DIFC and the sophisticated transactions that will be conducted within it.
• The law establishing the Judicial Authority at the DIFC creates and sets out the jurisdiction of the court and provides for a dispute resolution services, including arbitration and mediation, thus allowing for the independent administration of justice in the DIFC; and
• The DIFC Courts Law sets out the jurisdiction, powers, procedures, functions and administration of the court.
( www.difccourts.ae )

For further information contact:
Amira Abdulla
PR Manager, DIFC
Tel: +971 4 362 2433
Tim Harrison/Lavina Chatterjee
Asda'a Financial Practice
Tel: + 9714 3355969

Dubai
Adriana Beer
Lloyds TSB Bank plc
International Private Banking
The Gate
Dubai International Financial Center
P.O. Box 121404
Dubai,
United Arab Emirates
Tel: + 9714 362 0555
Fax: + 9714 362 0550

Geneva
David Tunbridge
Market Head, Dubai
Lloyds TSB Bank plc
International Private Banking
Place Bel-Air 1
P.O. Box 5145
CH-1211 Geneva 11
Switzerland
Tel: + 41 22 307 3419
Fax: + 41 22 307 3811