Picture from left to right : Paul Guéry, Head of Trade Finance BIC-BRED (Suisse) SA DIFC Branch; Ahmed Al Aulaqi, VP Banks & Capital Markets, DIFC Authority; Arif Amiri, CEO, DIFC Authority; Emmanuel Lemoigne, CEO, BIC-BRED (Suisse) SA; Yassine El Halaissi, SEO, BIC-BRED (Suisse) SA DIFC Branch; Anne-Ly Zumbino, CMLRO, BIC-BRED (Suisse) SA DIFC Branch
BIC-BRED Suisse sets up its branch in the Dubai International Financial Centre (DIFC), the main financial center in the MEASA region (Middle East, Africa and South Asia).
The BIC-BRED (Suisse) SA has received approval from Dubai Financial Services Authority (DFSA), the independent regulator of financial services conducted in or from DIFC. The Geneva-based Swiss bank will use the DIFC platform to bring tailored expertise in commodity financing to the dynamic Gulf region, with a focus on the UAE market.
With roots dating back to 1991, BIC-BRED (Suisse) SA obtained a full banking licence in 2015 to operate as a full subsidiary of BRED, Paris, a leading French commercial bank and shareholder of the BPCE Group. The BPCE Group is the second largest banking group in France and fourth largest in Europe by equity size.
The BIC-BRED (Suisse) SA has been supporting metals, energy and commodity traders since 2015. In a span of seven years, and with the continuous support of its parent entity, BRED Paris, BIC-BRED (Suisse) SA has experienced a rapid expansion of its commodity financing operations in Geneva and is considered as an established actor in the Swiss banking community.
Emmanuel Lemoigne, CEO of BIC-BRED (Suisse) SA, said : “Dubai and the UAE have clearly become a preferred location for international financial institutions operating in commodity financing. Our strategy is oriented towards our clients and prospects based in the UAE and more widely in the region. Our presence in DIFC is consequently a logical response to these objectives. We are aiming to be a leader in the field of commodity trade finance to bring our expertise to Dubai.”
In a context where securing food supply is paramount for many countries, BIC-BRED (Suisse) SA DIFC branch aims to facilitate access to strategic commodities around the world and will offer decisive expertise to arrange and advise on commodity trade flows, thereby bridging the trade gap between the Middle East, Africa and Asia. The BIC-BRED (Suisse) SA DIFC branch will support the UAE strategy towards commodities and will explore every path of cooperation with local firms in this strategic economic sector. In addition, the DIFC office will provide its clients with access to extensive banking coverage in emerging markets, including Africa with 23 countries and more than 80 banks, and collaborate with financial institutions in trade finance and capital markets.