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South Africa’s Investec joins financial giants in DIFC

Through its Dubai office Investec will target high-net-worth clients, family offices and financial institutions across the Gulf region Dubai Tourism
Through its Dubai office Investec will target high-net-worth clients, family offices and financial institutions across the Gulf region

South African bank Investec has joined the growing list of global financial institutions operating from the Dubai International Financial Centre (DIFC).

Through its Dubai office, the lender will target high-net-worth clients, family offices and financial institutions across the Gulf region.

The bank will provide advisory and arranging services in private banking, wealth and investment management, as well as corporate and investment banking.

Additionally, regional clients will have access to Swiss banking services, the lender said in a statement.

Cumesh Moodliar, CEO of Investec Bank, said that the bank sees a sustained emergence of high-net-worth individuals in Dubai and the Gulf as the region offers connectivity, quality services and growth opportunities for domestic and international companies.

“This reflects the increasing importance of the region for the global economy and the ambitious growth agenda of these markets,” he said.

Investec can use Dubai as a gateway to more than $3 trillion of private wealth within an hour’s flight, said Salmaan Jaffery, chief business development officer of DIFC Authority.

Last month the private banking arm of Spain’s Santander opened an office in the DIFC.

Investec’s major markets are South Africa, the UK, the US, Ireland, the Channel Islands, Mauritius, India and Continental Europe.

The DIFC is home to 230 banks, more than 400 wealth and asset managers, and 13 of the world’s top 100 hedge funds