Macquarie Bank receives licence to operate from DIFC

Macquarie Bank has received a Category 4 branch licence from the Dubai Financial Services Authority (DFSA) that will allow the bank to operate as an authorised entity from within the Dubai International Financial Centre (DIFC), it has been announced.

At DIFC, Macquarie will market financial products suitable for clients based in the Middle East. The bank will develop the local product offering from its
fixed income, currencies and commodities (FICC) business, focusing on the provision of interest rate derivatives, foreign exchange derivatives, commodities (both physical and derivatives), investor products and structured finance.

Marwan Ahmad Lutfi, the Deputy CEO and head of Business Development at the DIFC Authority, said: "Macquarie is an outstanding global financial institution and its presence will add diversity to DIFC's growing number of distinguished partners. We welcome them onboard and look forward to
supporting their business in the region."

Paul Plewman, the head of FICC for Macquarie in Europe, the Middle East and Africa, said: "The Dubai International Financial Centre provides a strategic gateway to reach a wider base of clients and investors as well as tap into the region's growth prospects."

"Macquarie's international operations include offices in the world's major financial centres and this new initiative is in line with our approach of identifying opportunities where we believe our expertise can help meet demand," said Plewman.

Macquarie has been active in the UAE since 2005 and has offices in Abu Dhabi and Dubai. Its services include corporate finance and advisory and infrastructure funds management.

It will also seek to service clients in Gulf Cooperation Council states, with particular focus on the UAE, Oman, Qatar and Kuwait.