The Bank of New York Mellon opened a new office in the Dubai International Financial Centre (DIFC), having been granted a licence by the Dubai Financial Services Authority. The new office is a reflection of the company’s aim to increase its business in the Middle East and Africa.

“This is an important enhancement of our ability to serve our clients in the region,” said Gerald Hassell, president of The Bank of New York Mellon.

“DIFC is the recognised hub for financial services in the Middle East, and being there means that we are well placed to achieve our growth aspirations.”

Remarking on the new opening, Hani Kablawi, managing director, head of Middle East and Africa at The Bank of New York Mellon and senior executive officer of the DIFC office, adds: “We have been serving clients in the region for almost one hundred years, and our move to the DIFC will enable us to further expand our business and provide better support to our network of offices in the region.”

DIFC is an onshore hub for global finance, aiming to bridge the financial centres of Hong Kong and London. Since November 2004, over 650 firms have registered at DIFC.