The Dubai International Financial Centre (DIFC) said that Canada-based Scotiabank has received a license from the Dubai Financial Services Authority (DFSA) to operate within the financial district.
The license allows bank’s ScotiaMocatta division, a provider of precious metals trading, financing and physical products, to open its own branch in the DIFC.
ScotiaMocatta has operated in Dubai since 1998 through an alliance with National Bank of Dubai (NBD), providing gold loans and price hedging facilities to Dubai-based bullion traders, jewelers, manufactures and refiners.
Ahmed Humaid Al Tayer, governor of the Dubai International Financial Centre, said: “We are very happy to welcome Scotiabank, the first Canadian bank to join the DIFC. As the DIFC begins to play a more prominent role in the global economy, we are keen to expand the industry cluster within the financial district with new companies from across the global financial industry that can bring unique new expertise to the region. Scotiabank’s presence will further enhance the geographical diversity of firms in the DIFC.”
Pramod Mohan, senior executive officer (SEO), at the Dubai branch, said: “As the size and sophistication of the precious metals market in the Middle East continues to grow and evolve, Scotiabank recognizes the importance of establishing a stand-alone presence in the region. Dubai is ideally located in a large wholesale and consumer market and is uniquely positioned to channel gold from the international markets to the ultimate destination.”
