Dubai: BankMed, a Lebanon-based privately-owned bank, on Thursday launched operations in the Dubai International Financial Centre (DIFC).
The bank, one of the oldest Lebanese banks, opened DIFC operations with a Category 1 banking licence from the Dubai Financial Services Authority (DFSA), becoming the first financial institutions in the Middle East and North Africa region to receive DIFC’s category 1 rating.
“It is a major phase for BankMed after having secured this top level license at the DIFC. This will allow the Bank to offer its clients wide-ranging financial solutions within a world-class regulatory framework, with strong links to international financial markets. The DIFC is a globally recognised prime financial Centre, and we are honoured to be a part of it,” said Mohammad Al Hariri, Chairman and General Manager of BankMed.
Through its DIFC operations, BankMed will offer corporate banking, treasury solutions, and risk management and a wide range of financial solutions mainly within the UAE and the GCC region, ranging from credit to trade finance and treasury services.
“We see big opportunities for lending to small and medium enterprises across the UAE. Dubai being a trade hub we see lots of opportunities in trade finance, treasury, forex and corporate finance solutions,” said Hariri.
With more than 70-year history in the region’s banking sector, BankMed has strategically expanded its presence across the Middle East and Europe, BankMed, currently has presence in key regional and international markets spanning Lebanon, Switzerland, Turkey, Iraq, Cyprus, and Saudi Arabia.
“Establishing a branch in Dubai was a strategic step forward for the bank’s international footprint. With the strong growth potential of this economy, it was only a matter of time before BankMed would set foot in here,” said Hariri.
Along with the launch of its DIFC branch, BankMed also opened a branch of MedSecurities Investment sal (MedSecurities), a fully owned subsidiary of BankMed in the DIFC. With a category 3 licence MedSecurities will be involved in the trading of different financial instruments as well as in the distribution of both tailor-made and off-the-shelf investment solutions. MedSecurities offers brokerage and investment products as well as private placement services to a growing local, regional, and international customer base.
“MedSecurities products are structured to address the evolving needs of its investor base in light of global changes in the financial landscape. Its expansion into the DIFC will strengthen MedSecurities’ position, allowing it to provide its services on a wider scope,” said Mohammad Ali Beyhum, Chairman and General Manager.
