The office, located in the Dubai International Financial Centre (DIFC), will be headed by Bernard Ferran, director and regional head. He takes up his new role on 15 June 2011. The office has space for 10 employees.
Ferran has over 10 years of commercial division experience with Euroclear, which has been focused on developing client relationships and business growth opportunities.
In Dubai, Ferran will further expand existing relationships and forge new ones with Middle Eastern and African financial entities, and with those looking to develop Islamic financial instruments, such as Sukuks.
Four years ago, Euroclear Bank became the first foreign depository to offer cross-border settlement and related services for transactions involving debt and equities listed on NASDAQ Dubai.
Euroclear Bank CEO Yves Poullet said opening a Euroclear Bank office in Dubai is a natural progression of the growing involvement in the Middle East. This region enjoys a vibrant market economy and the DIFC is rapidly becoming a very important financial hub.
"Bernard’s wealth of experience, business knowledge and local market expertise will contribute strongly in strengthening Euroclear Bank’s commitment to our customers in the region. He and his team will reinforce the quality service and attention clients have come to expect from Euroclear Bank," Poullet said.
