The new office, known as Ansbacher Middle East and headed by Salman Ahmed, will be the fifth financial institution to join the recently established Dubai International Financial Centre (DIFC) and come under the jurisdiction of the Dubai Financial Services Authority.
The new office will focus on succession planning, fiduciary services, investment management and banking.
Ansbacher managing director Hugh Titcomb said: “This is an important step for us, supported by our new parent QNB, and is the first of several likely developments by Ansbacher in the region, enabling us to not only grow our presence but also to offer unrivalled services to private and institutional clients looking for wealth and investment management solutions.”
A new office in Qatar is likely to be established this year.
In July 2004, QNB – Qatar’s largest bank – agreed to buy Ansbacher from South Africa’s First Rand Group and the deal was concluded in November for an undisclosed sum.
Ansbacher – which has a staff of 350 worldwide – operates in the UK, the Channel Islands, the Cayman Islands, the Bahamas, Switzerland and now Dubai.
