The UK branch of Zenith Bank has opened an office at the Dubai International Financial Centre (DIFC). Zenith is the first Nigerian bank to be granted a category 4 licence from the Dubai Financial Services Authority.
The new branch is part of a larger strategy to expand the bank’s services to international markets and support the growth of the franchise globally, with Dubai being an important location for those customers based at the DIFC.
“The increasing trade flows from Asia into Africa through Dubai makes the emirate an ideal destination for our regional office. This advantage, combined with DIFC’s advanced regulatory environment, influenced our decision to set up a presence in Dubai,” explains Jim Ovia, founder and chairman of the Zenith Group.
“We are confident our presence here will further drive the continued growth of Dubai as a financial and trade hub into and out of Africa,” adds John Weguelin, CEO of Zenith Bank UK.
The category 4 licence allows the bank to offer financial services to their clients such as arranging credit or deals in investments, advising on financial products or credit, arranging custody, insurance intermediation or insurance management, operating an alternative trading system, or providing fund administration or trust services.