Global Banking Directory
Press Release Distribution Service
Add Bank | Banking Forum | Scam Alerts!
Earn up to 18% annually on cryptocurrency deposits!
BanksDaily Twitter BanksDaily FaceBook BanksDaily LinkedIn

Press Release :: Scotiabank

Logo ScotiabankThe Dubai International Financial Centre (DIFC) today announced that Scotiabank, one of North America's leading financial institutions, has received a license from the Dubai Financial Services Authority (DFSA) to operate within the financial district.

Scotiabank is the first Canadian bank to operate from the DIFC. The license allows the Bank's ScotiaMocatta division - a global leader in precious metals trading, financing and physical products - to open its own branch in the DIFC.

"We are very happy to welcome Scotiabank, the first Canadian bank to join the DIFC," said H.E. Ahmed Humaid Al Tayer, Governor of the Dubai International Financial Centre. "As the DIFC begins to play a more prominent role in the global economy, we are keen to expand the industry cluster within the financial district with new companies from across the global financial
industry that can bring unique new expertise to the region. Scotiabank's presence will further enhance the geographical diversity of firms in the DIFC."

ScotiaMocatta has operated in Dubai since 1998 through an alliance with National Bank of Dubai (NBD), providing gold loans and price hedging facilities to Dubai-based bullion traders, jewelers, manufactures and refiners.

"This is a strategic initiative that reflects our confidence not only in the precious metals market, but also in the region," said Barry Wainstein, Vice-Chairman and Deputy Head, Global Capital Markets, and Global Head, Foreign Exchange and Precious Metals.

As the size and sophistication of the precious metals market in the Middle East continues to grow and evolve, Scotiabank recognises the importance of establishing a stand-alone presence in the region," said Pramod Mohan, Senior Executive Officer (SEO), at the Dubai branch. "Dubai is ideally located in a large wholesale and consumer market and is uniquely positioned to channel gold from the international markets to the ultimate destination."

Abdulla Mohammed Al Awar, CEO, DIFC Authority said: "By virtue of its ability to offer a secure, stable and growth oriented platform for international financial institutions, DIFC has continued to attract leading financial institutions over the past year despite the global financial
crisis. Scotiabank's decision to base the regional branch of its division ScotiaMocatta in the financial district is testimony to the confidence of global financial industry in DIFC. With its vast experience in precious metals trading and financing, ScotiaMocatta, will add new value to the pool of expertise available in the financial district."

Source: Scotiabank
Date: 29.12.2009
Financial and Banking News
 Public-Private Partnership project value exceeds US$223 bn in MENA as delegates gear up to discuss opportunities at the PPP MENA Forum

As many as 242 public-private partnership projects worth US$223 billion (Dh818 billion) are under development in the Middle East and North Africa region, according to recent reports, which is set to go up as project execution picks up with return to normalcy and higher oil price that will fuel economic growth in the Middle East – pushing public-private partnership sector. 07.01.2022 | Source: Great Minds Event Management

 UK bank bans cryptocurrency amid fraud concerns with Binance and Kraken

TSB Banking Group Plc. is set to ban more than 5 million customers from buying cryptocurrencies amid fears over "excessively high" fraud rates on trading platforms, according to a report by the U.K.’s Telegraph newspaper.

 How Women Can Impact the Middle Eastern Financial Industry: Layal Haykal Success Story

We’re in the 21st century and women are still mistreated in some parts of the world. Their rights are violated. They don’t have the opportunity to work on equal terms with men. They’re being kidnapped and sold no matter their age. This phenomenon is highly prevalent in the Middle East. The world is evolving from globalization to technological innovations while women there are still repressed and exploited. The same image women had several decades ago hasn’t changed heavily in our present times.

 Citigroup to exit 13 global consumer banking markets, including India and China

Citigroup announced April 15 it will exit 13 international consumer banking markets, shifting its focus to wealth management and away from retail banking in places where it is small.

 In-person GISEC 2021 to spark industry collaboration against cybercrime spike

GISEC, the most influential cybersecurity event in the Middle East and Africa, will provide an in-person meeting point for the cybersecurity ecosystem from 31st May-2nd June at Dubai World Trade Centre (DWTC). 13.04.2021 | Source: Dubai World Trade Centre

 📰 News Archive

2007-2022 © BanksDAILY.com Banking and Finance