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BCP, Dubai
Banque de Commerce et de Placements, aka BCP, the Geneva-headquartered bank, has acquired a licence from the Dubai Financial Services Authority enabling its representative office in Dubai to become a fully-operational branch.

The Category 4 licence allows BCP to offer expanded advisory services in the region, it said in a statement yesterday. The Dubai branch will act as a client-facing and advisory hub, while transactions and asset bookings will continue to be managed and centralised in Switzerland, it said.

BCP has been present in the MENA region since 2006; the business was established in 1963.

The new branch will help BCP to serve high net worth individuals, institutional clients and family offices.

“This marks not just an upgrade, but a strategic development,” Marco Grilli (pictured below), head of wealth management at BCP, said.

Marco Grilli

Leading the business in the office is Massimo Cangini (main photo), senior executive officer. Cangini, who brings more than a decade of regional experience, has worked in Swiss and other international banks for over 20 years.

The Dubai branch will operate under the regulatory supervision of the DFSA and the Swiss Financial Market Supervisory Authority (FINMA).