Stmt re EFG-Hermes UAE Ltd

29 Dec 2005 14:20

EFG-Hermes Holdings SAE29 December 2005 EFG-HERMES HOLDING S.A.E. EFG-Hermes UAE Limited, a wholly owned subsidiary of EFG-Hermes Holding SAE, hasbeen granted a license to conduct Asset Management and Investment Bankingactivities from the Dubai International Financial Centre (DIFC). The move marksa further step in the firm's regional expansion drive. EFG-Hermes will join financial intermediaries that include Merrill Lynch, CreditSuisse and Standard Chartered Bank operating from within the DIFC, and will beregulated by the Dubai Financial Services Authority (DFSA) - an independent,unitary regulatory authority that operates to standards that meet or exceedthose in major financial centres such as London, New York and Hong Kong. EFG-Hermes UAE is in the process of authorizing to conduct brokerage activitiesfrom the DIFC and will become a member of the Dubai International FinancialExchange (DIFX), its wholesale exchange. This information is provided by RNS The company news service from the London Stock Exchange