Anglo Irish Bank (I.O.M.) P.L.C, one of the leading global financial services providers, today announced that it has been granted an operating licence in the UAE. The representative office banking license will take immediate effect, and it will allow the bank to offer its customers banking and wealth management services.
Commenting on its plans for the Middle East, Mr. Steve Corrin, General Manager, Middle East Operations, Anglo Irish Bank, said: “Due to the dynamic development of its economy, the region offers considerable potential for the financial sector. The banking sector in the UAE remains strong and is bolstered by effective supervision. Strengthening our presence in Dubai is a core element of our strategy in the region and this licence will enable us to significantly expand the range of services that we can offer.”
Providing both bank and trust company services to its clients gives Anglo a unique position in the market. Their diverse wealth management product and service range includes highly competitive interest rates on deposit accounts, tailored investment plans, estate planning and international pension provision.
Expanding on the bank’s intention to provide corporate and individual pension schemes, Corrin added: “We have provided corporate pension provision for a number of high profile businesses in the UAE for some time and we are experiencing an increase in demand. In today’s volatile and an increasingly competitive labour market, retirement planning has become one of the key tools to attract and retain mobile professionals around the world. The launch of sophisticated pension products will be a huge benefit in a market such as the UAE. Our pension schemes are versatile, flexible, and enable an employer to tailor schemes which are very attractive to clients living or working in the region and suit diverse market situations in a tax–neutral environment.
“For individuals, particularly those who are working abroad and especially those who have high incomes, a flexible and secure pension plan can maximise options when planning for retirement,” continued Corrin.
Establishing a presence in the UAE reflects Anglo Irish’s strong commitment to the region and its customer-centric strategy. The bank’s approach is designed to deliver exceptional customer service, while successful relationship banking is based on in-depth understanding of diverse niche audiences’ needs.
“We have always had a strong commitment to this region and have been building up our extensive knowledge and understanding of the Middle East for years. We already enjoy a sizeable portfolio of existing business in the region and intend to build on that.
Our deposit accounts, which offer market-leading rates, are already popular with Middle East based clients. Similarly, we have significant property expertise and hope to offer unique syndicated property transactions to our clients in the region," added Corrin.
With its extensive global network, Anglo Irish has emerged in recent years as one of Europe’s best performing financial institutions. The bank’s long established reputation, built on relationship management, service quality and professionalism, has been the foundation for its sustained market leading performance. Anglo Irish has won recognition and praise for its range of banking products from internationally renowned magazines including ExpatNetwork Nexus Magazine, Portfolio International, MoneyFacts and Investment International. In 2005, Anglo Irish won awards in every category with its market leading deposit accounts and was voted the Best Offshore Bank for Expats, among other categories.
Anglo Irish Bank Corporation (I.O.M.) P.L.C. is licensed by the Isle of Man Financial Supervision Commission to conduct Banking and Investment business. Anglo Irish Trust Company Limited is licensed by the Isle of Man Financial Supervision Commission as a Corporate Service Provider. Anglo Irish Trust Company Limited is registered with the Isle of Man Insurance & Pensions Authority as a Professional Retirements Benefits Scheme Administrator (RSA). As an RSA, Anglo Irish Trust Company has, in conjunction with one of the Isle of Man's pre-eminent law firms, developed International Corporate and Personal Pension Schemes which will enable international corporate entities and individuals to benefit from Isle of Man legislation.
