Banque de Commerce et de Placements (BCP), a universal Swiss bank, today announced that it has been granted a license by the Dubai Financial Services Authority (DFSA) to operate from the Dubai International Financial Centre (DIFC).
Headquartered in Geneva, BCP is regulated by the Swiss Federal Banking Commission and its new DFSA accreditation reinforces its commitment to providing a robust and transparent banking platform for its growing client base in the region.
His Excellency Dr. Omar bin Sulaiman, Governor of the Dubai International Financial Centre (DIFC), said: “The setting up of BCP’s offices within DIFC is evidence of the growing significance of Dubai as a regional hub for world class financial services. BCP has already established a reputation as a provider of quality banking products and services to its customers across the world, and this new branch will enable it to build on its successes and expand its services to its regional clientele.”
BCP’s operations comprise four core activities: Trade Finance, Correspondent Banking, Treasury and Private Banking, each of which provide attractive development opportunities for BCP in the region.
Mr. Franz Bucher, Chairman of the Board of Directors of BCP commented: “We are delighted to be establishing a presence in Dubai, and particularly in the DIFC. It will give us the opportunity to reach out to existing and potential clients across the Middle East and to participate in this exciting phase of development for the region.
The main focus of the new DIFC branch will initially be Trade Finance, to expand on the successes BCP has already achieved within the region and to capitalise on Dubai’s standing as a regional trading hub in which BCP’s clients are active. Trade Finance is firmly anchored as one of the principal activities of the Bank. In 2006, the most successful year in the history of the Bank, BCP’s trade finance activities, comprising letter of credit as well as documentary remittance business, achieved a total turnover of over CHF 8 billion.
BCP’s principal role in Trade Finance is to provide the financing in order to allow customers that include trading companies, producers and end-users, to effect payment for the purchase of commodities. The proceeds of the subsequent onward sale then serve to repay the drawing under the credit facility.
It is intended that the BCP Dubai branch will emulate the business model of the Head Office to take full advantage of the substantial expertise and experience within the Bank. However, the scope of activities of the Bank will grow progressively over time. During the first 12 – 18 months from establishment, the Dubai branch will serve as a means of identifying and developing a new client portfolio, principally in the field of Trade Finance. Going forward, the Bank will also seize opportunities for developing other areas of its expertise.
