CSFB plans to set up at DIFC

24 September 2003
Credit Suisse First Boston (CSFB) and Aon, the world's largest insurance broker, have signed letters of intent to seek an operating licence in the Dubai International Financial Centre (DIFC), reported London daily the Financial Times on 24 September. CSFB is expected to apply for a private banking and asset management licence to expand operations in the region.

The DIFC centre is awaiting a decree from the Supreme Council of the UAE setting the legal framework for its operations. Chairman of the DIFC's Regulatory Council, Ian Hay Davidson, said he expects as many as 170 private companies in the region could use the centre's services (MEED 19:9:03).

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