Espirito to open office in DIFC

by Richard Kilner

Story link: Espirito to open office in DIFC

Espirito Santo Financial Group announced yesterday that ES Bankers (Dubai) Limited (ESFG’s subsidiary) has been given a licence to operate in the Dubai International Finance Centre (DIFC) by the Dubai Financial Services Authority.

ESFG is a Luxembourg-based firm with its principle insurance and banking operations occurring within Portugal.

Dubai’s closeness to other Gulf states and its attractive banking environment are what drew the firm there. A broad spectrum of financial and investment banking services will be offered to the new clients it will garner in the Middle East.

Private banking and asset management will be carried out by the firm, as will trade finance.

The region’s economies are rapidly growing, and clients from both the Middle East and international customers will be catered for, according to Ricardo Espirito Santo Salgado, chairman of the group running the new bank.

The new bank’s chief executive is Shekhar Chatterjee and it is located at Gate Village Building 1, in the DIFC, and is open for business.

The DIFC Authority’s chief executive, Nasser Al Shaali, expressed his belief that the new deal would help bridge the gap between East and West, adding that he was delighted the group was joining the DIFC.