Lloyds TSB's move to the DIFC begins with a bang

More than 350 guests, including local dignitaries and VIPs attended a cocktail reception hosted by Lloyds TSB's Chairman Maarten van den Bergh under the landmark arches of the Gate Building.

Guests were welcomed at the Gate at 7.30pm by Lloyds TSB's Chairman, Lloyds TSB International Banking Managing Director, Simon Davies and Managing Director of LTSB International Private Banking, Cary Adams.

Cary Adams commented: " We are very excited to have established our regional business platform in the prestigious DIFC. The DIFC's state-of-the-art facilities provide a good partnership for the tailored services that we offer our clients. We are grateful that the DIFC has made its premises available for our celebration and look forward to welcoming clients, prospects, business partners and colleagues to our new offices."

A workshop on Global Growth, Risk and Opportunities given by George Lo, LTSB Chief Investment Officer preceded the event for clients and business partners.

Lloyds TSB International Private Banking is a division of Lloyds TSB Bank plc and one of the UK's strongest and most respected brands. Its move to the DIFC on 9 December 2005 is part of its strategic growth objective to double assets in the Middle East by 2009.

David Tunbridge, IPB Market Head for IPB Dubai said: "We aim to achieve this goal through organic growth, an enhanced delivery platform and a wider footprint in the region. Consideration is also being given to Shariah-compliant investment solutions, which can only be facilitated through our new base in Dubai. We also plan to achieve significant growth through our fixed income and capital secured products such as IPB's market linked capital protected deposits, Market Linked Deposits and Range Accrual Notes."

Lloyds TSB IPB's target client base is high net worth entrepreneurial clients with liquid assets of between CHF2m and 20m.