Credit Suisse moves to financial city to offer full range of services in the region

Applications from 50 international financial services companies are currently being processed by the Dubai Financial Services Authority.

Dr Omar Bin Sulaiman, director-general of the Dubai International Financial Centre, revealed this at a function held to mark the launch of Credit Suisse's full services bank at DIFC.

Credit Suisse headquartered in Zurich will be the first company to move into 'The Gate', the landmark building within the financial centre.

As Credit Suisse is set to merge its commercial banking and investment banking operations in May, the DIFC-based office will be able to offer the full range of services to its clients in this region.

The bank said it considers the Middle East to be one of the most important markets and has decided to expand its operations in the region to cater to investors' private banking needs.

Credit Suisse manages $1.05 trillion (Dh3.85 trillion) worth of third party assets.

"There has been a strong trend in the Middle East recently to shift funds from offshore to onshore and that is the reason more and more banks are looking at establishing a presence in this region, including in the DIFC," a Credit Suisse official said.

Beat Naegeli, managing director in charge of the branch in Dubai, said Credit Suisse is the first bank to have received the licence to offer full-fledged private banking services under the regulation of the DFSA.