Three of Abbey National's Dubai-based subsidiaries—Abbey National Offshore, Scottish Mutual International and Scottish Provident International—have relocated to new, shared premises in the emirate to focus on expansion. Ten staff in Dubai are working across the three brands from a new representative office in the Emarat Atrium, Sheikh Zayed Road, Dubai.
“Following the acquisition of Scottish Provident International by Abbey National in August of last year, the bank is keen to ensure that all three subsidiary groups build on collective resources in all areas of the business to aid any further expansion of the group in the Middle East,” said Mac Millington, managing director of the Wealth Management & Long Term Savings division at Abbey National.
“This move is also in line with a recent restructuring of Abbey National's Wealth Management and Long Term Savings division, designed to bring areas of expertise together and take advantage of shared resources. This will enable Abbey National to better serve its customers both in the UK and the Middle East,” he added.
Scottish Mutual International and Scottish Provident International are the life divisions of Abbey National. Scottish Provident International opened its representative offices in Dubai to service the Middle East in 1996, while Abbey National Offshore has had a successful operation in Dubai since 1998, operating under a representative license from the United Arab Emirates (UAE) Central Bank. Scottish Mutual International plc has been operating in the region under Abbey National's license since November 2000.
Abbey National plc is the UK's sixth largest banking group as measured by assets and the country's second largest mortgage lender. Abbey National plc and its subsidiaries offer personal financial services, including savings and investments, mortgages, banking, pensions, unit trusts, live and general insurance products, as well as secured and unsecured lending, to over 16 million customers in the UK.
All deposits in Abbey National Offshore are fully and unconditionally guaranteed by Abbey National plc. Abbey National Offshore offers a range of accounts tailored to the needs of offshore customers, combining high rates of interest with the advantage of an offshore base. Abbey National Offshore has its headquarters in Jersey as well as offices in the Isle of Man, Gibralter, Portugal, Dubai and Hong Kong. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
