Standard Life, a leading long-term savings and investments company, on Monday announced the launch of its office in the Dubai International Financial Centre (DIFC), which will offer products to UAE based financial intermediaries.
The company has been granted a licence by the Dubai Financial Services Authority (DFSA) to establish a branch of ‘Standard Life International Limited’ (SLIL) within the DIFC.
The move follows the company’s extension into the South East Asia market via Singapore, announced in October this year.
Led by regional CEO Chris Divito, this development is part of Standard Life’s strategy to broaden the company’s distribution platform and expand its international footprint in high growth, high value emerging markets. Having worked in senior positions with Standard Life for over 15 years, Chris brings a wealth of international industry experience to the Middle East market.
Nathan Parnaby, Chief Executive, Asia and Emerging Markets, Standard Life said: “Our long term vision within the Middle East is to build a leading retail savings and investments business. Being a large and respected wealth centre, the UAE is at the centre stage of our regional business strategy. We are confident of strong growth as there is high demand within the region for established and trusted brands like Standard Life to deliver leading savings and investment solutions.
The DIFC is a recognised financial centre and we are committed to building our regional business from there, building on the strength of our existing relationships with customers and distribution partners.
We believe the DFSA licence approval provides great opportunity for our business within this high growth market.”
Standard Life’s current businesses within Asia and Emerging Markets includes its Retail Investments Business which operates out of Hong Kong and Singapore, as well as its life and asset management joint venture businesses in China and India.
Chris Divito, CEO, Standard Life International Limited (DIFC Branch), said: “This new office is a timely and strategic development for the company’s business relationships in the region. ‘Standard Life International Limited’ will principally address the growing needs of Dubai based clients through an intermediated business model. We strongly believe in the region’s huge potential and look forward to develop our business in these markets. With our global expertise and competitive product line, we offer an attractive proposition which is expected to be welcomed in the market.”