The upgradation of a licence is part of the bank’s efforts to expand its range of investment solutions and financial products and facilitate cross-regional banking services for its clients in Europe, Middle East and South Asia.
SP Hinduja, chairman of Hinduja Group, said: “The upgrade of the Hinduja Bank’s licence will enable it to make a greater contribution to the future growth of the region. The Hinduja Banking group looks to bring trust and safety back into banking, via its four booking centres (Switzerland, Dubai DIFC, Cayman, India) by committing to maintain one of the highest capital adequacy ratios.”
Ivan Schouker, chief executive of Hinduja Bank Switzerland, said: “Within 16 months of setting up operations, Hinduja Bank Middle East has reached an important milestone despite the adverse global financial environment. The expansion of our services out of DIFC demonstrates our commitment to growth and to ensuring that we are close to our clients.”
M Dungarwal, managing director of Hinduja Bank Middle East, said: “This licence upgrade represents another significant milestone in Hinduja Bank’s Middle East growth story. The strategic advantage of having Dubai as our hub will support our medium and long-term strategy of creating value for our clients in the Middle East and Indian Subcontinent, which are key growth markets for us.”
Hinduja Bank’s Middle East parent company Hinduja Bank Switzerland offers full range of services covering wealth management, trade finance, investment solutions and corporate advisory to select clients.
The Hinduja Bank Switzerland is a part of the Hinduja Group, a globally diversified business group.
