DIFC expands license upgrade of Societe Generale

DIFC expands license upgrade of Societe Generale

Dubai International Financial Centre (DIFC) announced license upgrade of Societe Generale, the upgrade authorises the company to book lending locally and is a testament of Societe Generale’s commitment to grow their regional business from DIFC.

Societe Generale’s license has been upgraded to Category 2 by the Dubai Financial Services Authority (DFSA). Societe Generale is one of Europe’s pre-eminent financial services groups, that applies diversified and integrated banking model based on financial strength and proven expertise in innovation combined with a strategy of sustainable growth.

Arif Amiri, CEO of DIFC Authority, said,

"DIFC continues to successfully deepen its existing relationships with financial institutions that aspire to expand their business. These institutions have confidence in DIFC’s offering and benefit from our leading financial services ecosystem, as well as our legal and regulatory framework. We would like to congratulate Societe Generale, a long-standing DIFC client on obtaining their license upgrade and look forward to their continued success."

Aymeric Arnaud, Group Regional CEO of Societe Generale Middle East, said,

"Societe Generale Middle East takes a natural step forward after 25 years of on-ground presence, reflecting the maturity of our set-up and our expansion ambitions across the GCC and Egypt. We appreciate the trust and confidence that DIFC places in us. The upgrade of our regulatory license is in line with our regional growth strategy, focused on advising and arranging large-scale financings, among others. It will allow us to better serve our regional clients as we collectively shift to a more sustainable future."

News Source: Emirates News Agency

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