IRAQ DAILY JOURNAL January 29,2013
Wells Fargo Opens New International Branch in DIFC
Company’s 10th international branch; Located in Dubai International Financial Centre
Dubai, United Arab Emirates, January 28, 2013
To better serve its Global Financial Institutions (GFI) customers throughout the Middle East and North Africa, Wells Fargo & Company (NYSE: WFC) announced today it has opened a new branch in the Dubai International Financial Centre (DIFC). The new branch will help to expand the company’s existing GFI services, which include trade, payments, deposits, credit and foreign exchange services to financial institutions in the Middle East and North Africa (MENA) region.
“Wells Fargo has operated in the MENA region for more than 15 years and we intend to strengthen our presence and capabilities to best serve our GFI customers,” said Charles Silverman, head of Wells Fargo’s GFI business. “With our new location in the DIFC, we can provide our GFI customers in the region with an expanded range of products and services.”
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Currently, Wells Fargo has 12 team members in the new branch office, which is managed by Shoar Hassan, senior executive officer and regional manager, and is located in the Gate Village at DIFC. Known as the region’s leading financial center, the DIFC serves as the regional headquarters for many global companies and financial institutions.
“We are pleased to welcome Wells Fargo to DIFC and look forward to supporting the company’s mission to expand its offering in the Middle East and North Africa,” said Jeffrey Singer, CEO of DIFC Authority. “Not only does the addition of such a well-established global name to our client portfolio reinforce Dubai’s position as a leading business hub, providing accessibility and connectivity to surrounding markets, but also shows recognition of the potential opportunities within the region.”
Operating from more than 35 global locations, Wells Fargo’s International Group now has branch offices in Cayman Islands, Dubai International Financial Centre, Hong Kong, London, Seoul, Shanghai, Singapore, Taipei, Toronto and Tokyo.
About Wells Fargo & Company
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.4 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com), and has offices in more than 35 countries to support the bank’s customers who conduct business in the global economy.
With more than 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 26 on Fortune’s 2012 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.
The Dubai International Financial Centre (DIFC) is the financial and business hub connecting the region’s emerging markets with the developed markets of Europe, Asia and the Americas. Since its launch in 2004, DIFC, a purposely built financial free zone, has been committed to encouraging economic growth and development in the region through its strong financial and business infrastructure.
Currently, DIFC's client base comprises almost 912 active registered firms, including 19 of the world’s top 25 banks, eight of the world’s ten largest insurers, six out of ten top law firms, 11 of the top 20 money managers in the world. Around 14 thousand employees operate in an open environment complemented by international legal and regulatory standards. DIFC offers its member companies benefits such as 100 per cent foreign ownership, zero per cent tax rate, with no restriction on capital convertibility or profit repatriation.
DIFC has its own independent financial and ancillary services regulatory body, the Dubai Financial Services Authority (DFSA). It also has the DIFC Courts, which is an independent common law judiciary based in DIFC with jurisdiction over civil and commercial disputes in or relating to the Centre.
DIFC is built upon a modern legal, regulatory and physical infrastructure, which makes it the destination of choice for Financial Services firms establishing a presence in the region. For further information, please visit our website: www.difc.ae, or follow us on Twitter @DIFC.