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Cypriot Bank Looks To Set Up Private Banking Operations In Dubai
Devina Shah
15 December 2010
Bank Cyprus is to establish a banking unit in Dubai as part of a review of its wealth management and private banking strategy by its board of directors, subject to regulatory approval in both Cyprus and Dubai. The new banking unit will be based in the Dubai International Finance Centre and will be supervised by the Dubai Financial Services Authority, the firm said in a statement. Bank Cyprus in Dubai will focus on providing wealth management and private banking services to the group΄s existing clientele and to new clients active in the Middle East. In other recent news involving both jurisdictions, Cyprus and the United Arab Emirates signed a double taxation agreement in early November, aiming to boost trade and economic relations. The agreement also included the prevention of fiscal evasion with respect to taxes on income.