Source: BS/Press Trust of India / Dubai March 17, 2010, 13:22 IST
The Dubai Financial Services Authority (DFSA) has
upgraded the Hinduja Bank's licence, a move that
will allow it to provide a whole range of financial
services to clients in Europe, Middle East and South Asia.
"The new licence enables it (Hinduja Bank-Middle East)
to provide full range of banking services from the Dubai
International Financial Centre (DIFC)", the bank said in a release.
Hinduja Bank (Middle East), a subsidiary of the Hinduja-promoted
bank in Switzerland, started operations 16 months ago and now
has been provided the licence to operate as Category-1 bank by the DFSA.
"The upgrade of the Hinduja Bank's licence will enable it to make
a greater contribution to the future growth of the region...
Dubai will be the crucial economic and financial link between
the Middle East, Asia and the West", said Group chairman S P Hinduja.
Over 850 global companies have already registered with the DIFC,
which offers incentives like 100 per cent foreign ownership,
zero tax on income and profit, and free foreign exchange regime.
