Coutts, the wealth division of Royal Bank of Scotland Group, has announced the official opening of its new premises in the Dubai International Financial Centre (DIFC) as part of its regional expansion strategy.

A London-based international private banking and wealth management firm, Coutts also has offices in other key international financial centres in Zurich, Geneva, Hong Kong and Singapore.

The new office was opened by Coutts CEO Rory Tapner in the presence of chairman of Coutts, The Earl of Home; the DIFC Governor,  Abdullah Mohammed Saleh and Edward Hobart, Consul General, British Embassy, Dubai at the inauguration.

Tapner said, “Our relocation to the DIFC represents a significant milestone for Coutts in the Middle East. In addition to offering a more central location, our presence here will allow us to provide a greater degree of investment advice to our clients who work with us in the region.”

Coutts has been present in the Middle East for many years and opened its first representative office in the UAE in Dubai, 13 years ago.

The bank, which also has regional offices in Abu Dhabi and Doha, had last year, announced its intention to grow the business in core international markets including the Middle East.

Moving to the DIFC underscores the Bank’s commitment to the region and enables Coutts to operate as an authorised firm.  

Mohammed Saleh, said: “The DIFC represents an important global financial centre and provides the gateway to the regional economy. We are proud to have attracted such a well respected organisation to join our community.”

Hobart said he was delighted to see Coutts firmly establish itself in the Middle East. "Coutts is a truly British firm with a strong heritage and a valuable part of the financial services industry in this region. Today’s opening is another sign of strength of the relationship between the UK and UAE and, the DIFC and the British Financial sector," he added.-TradeArabia News Service