Credit Suisse considers the Middle East to be one of its most important markets and has decided to expand its operation in the region to cater to investors’ private banking needs. In December 2004, Credit Suisse was granted the first full-service bank license to operate under the authority of the Dubai Financial Services Authority as of April 1, 2005.
Credit Suisse will gain operational benefits from signing up to be regulated by the new Dubai authority and from conducting its business out of the designated financial center. The Swiss company will enjoy a number of the kinds of benefits domestic banks enjoy, including being allowed to book its clients’ assets onshore, according to Beat Naegeli, managing director in charge of Credit Suisse’s branch in Dubai.
