BankMed receives top license in Dubai
Egypt is next in grand plan to double assets
BankMed has opened an office in the Dubai International Financial Centre (DIFC), following the bank's recent licensing by the Dubai Financial Services Authority (DFSA) as a category 1 authorized financial firm.
“It is a major phase for BankMed, after having secured this top level license at the DIFC. This will allow the bank to offer its clients wide-ranging financial solutions within a world-class regulatory framework, with strong links to international financial markets,” said Mohammed Hariri, Chairman and General Manager of BankMed.
Through its DIFC presence, BankMed, the first financial institution in the MENA region to receive DIFC's category 1 rating, will offer financial services mainly within the UAE and the GCC region, ranging from credit to trade finance and treasury services.
“Establishing a branch in Dubai was a strategic step forward for the bank's international footprint,” said Hariri. “It was only a matter of time before BankMed would set foot in the UAE’s growing economy,” said Hariri.
MedSecurities Investment (MedSecurities), a fully owned subsidiary of BankMed has obtained a category 3 license for the DIFC. “MedSecurities' expansion into the DIFC will strengthen its position, allowing it to provide its services on a wider scope,” said Mohamed Ali Beyhum, Chairman and General Manager.
MedSecurities is involved in the trading of various financial instruments as well as in the distribution of both tailor-made and off-the-shelf investment services. MedSecurities offers brokerage and investment products as well as private placement services to local, regional, and international customers.
BankMed is also setting its sights on Egypt as part of an overseas expansion drive aiming to double assets over the next five years. It expects to increase its total assets to $25 billion, through a mixture of mainly organic growth and some potential acquisitions, according to Hariri.
“Egypt is an area that is impending for us. It's a big economy and I think there are opportunities there but only at the right time and for the right price,” said Hariri. “Egypt is a market where you can only expand into through acquisition,” he said.
BankMed had total assets worth $14.36 billion, at the end of June 2014. It has operations in Lebanon, Switzerland, Turkey, Iraq, Cyprus and KSA.
Reported by Leila Rahbani
Date Posted: Mar 09, 2015