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Julius Baer the first private bank licensed to operate in the Dubai International Financial Centre

United Arab Emirates: Tuesday, September 21 - 2004 @ 13:06

Dubai-based investors are increasingly interested in internationally oriented wealth management solutions, which makes Dubai an interesting base from which to tap into the continuing rapid growth of wealth in the region. The creation of Julius Baer (Middle East) Ltd. is a response to this need: the new subsidiary will offer professional, institutional and private financial counseling services on-site to clients from both the local area and the surrounding regions.

Within two years the United Arab Emirates (UAE) have built up a financial center in Dubai whose legal and regulatory framework as well as its infrastructure meet highest international standards. The DIFC bridges the geographical gap between the financial centers of Europe and Asia, and lays the foundations for continued above-average economic growth in the region. The target area, which extends from the Near and Middle East through parts of Africa to the Indian subcontinent, has an annual value added of some USD 1.1 trillion.

Over the last decade, wealth concentration among both institutions and private individuals has grown significantly. This trend has been accompanied by an increasing demand for financial products and services of international caliber. For these reasons, Julius Baer has monitored the developments in Dubai for a long time, taking early action to obtain a license in the DIFC.

“Julius Baer has many years of experience in servicing clients from the Near and Middle East. The combination of a local presence and the progressive legal and regulatory environment now allows Julius Baer to offer a range and quality of client service in the area as well as in Europe” explains Michael P. Baer, member of the Group Executive Board. According to Baer the desire amongst local clients in Dubai to entrust their assets to a financial institution with strong roots in the region, and the high reputation which Swiss banks enjoy in the UAE, added further weight to Julius Baer’s decision to open a subsidiary in Dubai.

The majority of Julius Baer’s staff in Dubai are from the Near and Middle East and the Indian subcontinent, enabling the bank to respond appropriately to the linguistic and cultural diversity of its clients. Julius Baer (Middle East) Ltd. is headed by Brij R. Singh who has a wealth of experience in international asset management, private banking and capital markets.

“The product and service range will be adapted to local requirements where necessary, but will essentially remain tailored to the demands of an internationally oriented institutional and private clientele” endorses Singh.

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Tuesday, September 21- 2004 @ 13:06 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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