IXIS Corporate & Investment Bank, part of the Groupe Caisse d’Epargne of France, received DFSA licence to operate out of the Dubai International Financial Centre as an authorised firm. A leading player on the capital markets, IXIS Corporate & Investment Bank holds a banking license under French law and offers a combination of optimal security and excellent ratings.
As part of its international expansion plans, IXIS Corporate & Investment Bank becomes the first French investment bank to take advantage of the growing opportunities and liquidity in the Middle East and North Africa.
Charles Stauffer, who will act as Senior Executive Officer and develop the Bank’s business providing a full range of services, commented: "Operating within the DIFC offers us a comfortable platform to be closer to our clients in the region. The jurisdiction is regulated by the highest international standards and the benefits are appealing. I am delighted to represent the first French bank among leading global and local institutions".
Dr Omar Bin Sulaiman, Director General of DIFC Authority, commented: “We are delighted to welcome our first French financial institution to the DIFC. Their arrival clearly adds to DIFC’s growing status as an international finance centre. The bank’s decision to operate out of the DIFC shows its commitment to the region, and its endorsement of Dubai’s growing status as a universally recognised hub for finance and investment.”
IXIS Corporate & Investment Bank delivers an extensive array of high value-added intermediation, structured finance, financing, engineering and research services. In 2005, net banking income amounted to 1,342 million euros with a net income of 353 million euros.
The Bank has developed its specialties in increasingly complex markets where it can leverage its expertise and deliver real value-added to clients. This value-added is embedded in the quality of the Bank’s 2,000 staff, their ability to react swiftly, their strong client-oriented advisory skills and their high degree of accessibility. IXIS Corporate & Investment Bank’s financial ingenering also harness their strong technical acumen to devise innovative and made-to-measure products that respond to market changes and emerging client needs.
The Bank maintains a global presence through its Paris head office, and branches or subsidiaries in Europe (Frankfurt, Dublin, London, Luxembourg, Milan), North America (New York) and Asia (Hong Kong, Singapore, Tokyo).
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 DIFC Courts system is especially designed to deal with all of sophisticated transactions that will be conducted within DIFC. The DIFC Court laws, based on the common law,
not only sets out the jurisdiction of the court but also provides for a dispute resolution services, including arbitration and mediation, thus allowing for the independent administration of justice in the DIFC. ( www.difccourts.ae )
