Reyl Finance (MEA), which is 80% owned by Swiss manager Reyl & Cie, has been awarded a commercial license from the Dubai Financial Services Authority.
The affiliate can carry out asset management and corporate advisory activities as well as arranges custody of clients’ accounts in its books.
Reyl’s branch in Dubai will be managed by Pasha Bakhtiar and its initial team will be made of 10-seasoned professionals.
The team plans to target primarily the Middle East and East African markets as those are regions with large numbers of successful entrepreneurs looking for banking services for both their personal wealth and their businesses.
“Dubai is within an 8-hour flight for two-thirds of the worlds’ population and attracts businesses and people from all sectors of the global economy; it is a city of constant innovation, which has now a track record of success and strong growth. So it is only natural for Reyl & Cie, an innovative growing bank, to offer its services and solutions from Dubai,” said Bakhtiar.
“The REYL Group is at the forefront of the evolving Private Banking model, from a singular focus on client wealth to an exhaustive understanding of a client’s needs and the structuring of innovative financial solutions to address them,” commented François Reyl, CEO of Reyl & Cie.
“In the MEA region, rife with entrepreneurs, I believe the Reyl Group is ideally positioned to build long-lasting relationships in the coming years and it is with great enthusiasm that we look forward to this opportunity,” he added.