Euroclear Bank, the international central securities depository (ICSD), will open a representative office in Dubai, further strengthening its long-standing commitment to Middle Eastern clients.
The office - located in the Dubai International Financial Centre (DIFC) - will have space for 10 employees and will be headed by Bernard Ferran, Director and Regional Head. He takes up his new role on 15 June 2011.
Bernard Ferran has over 10 years of Commercial Division experience with Euroclear, a great deal of which has been focused on developing client relationships and business growth opportunities. On the ground in Dubai, Mr. Ferran will further expand existing relationships and forge new ones with Middle Eastern and African financial entities, and with those looking to develop Islamic financial instruments, such as Sukuks.
Four years ago, Euroclear Bank became the first foreign depository to offer cross-border settlement and related services for transactions involving debt and equities listed on NASDAQ Dubai.
Yves Poullet, Chief Executive Officer of Euroclear Bank, stated: "Opening a Euroclear Bank office in Dubai is a natural progression of our growing involvement in the Middle East. This region enjoys a vibrant market economy and the DIFC is rapidly becoming a very important financial hub. Our presence in Dubai completes the picture of having a Euroclear Bank office in all of the major financial centres around the world, as well as full global time-zone coverage to service clients."
Mr. Poullet continued: "Bernard's wealth of experience, business knowledge and local market expertise will contribute strongly in strengthening Euroclear Bank's commitment to our customers in the region. He and his team will reinforce the quality service and attention clients have come to expect from Euroclear Bank."