28 January 2013

Wells Fargo Opens New Branch Office in Dubai International Financial Center (DIFC)

- To better serve Global Financial Institutions in MENA Region 
- Wells Fargo has 12 team members in the new branch office

Dubai, UAE - 28 January 2013 - Wells Fargo & Company announced today it has opened a new branch in Dubai International Financial Center (DIFC) to better serve its Global Financial Institutions (GFI) customers throughout the Middle East and North Africa,. The new branch will help to expand the company’s existing GFI services, which include trade, payments, deposits, credit and foreign exchange services to financial institutions in the Middle East and North Africa region. 

Wells Fargo has operated in the MENA region for more than 15 years and we intend to strengthen our presence and capabilities to best serve our GFI customers,” said Charles Silverman, head of Wells Fargo’s GFI business. “With our new location in DIFC, we can provide our customers in the region with an expanded range of products and services.” 

Currently, Wells Fargo has 12 team members in the new branch office, which is managed by Shoar Hassan, senior executive officer and regional manager, and is located in Gate Village at DIFC. Known as the region’s leading financial center, DIFC serves as the regional headquarters for many global companies and financial institutions. 

“We are pleased to welcome Wells Fargo to DIFC and look forward to supporting the company’s mission to expand its offering in the Middle East and North Africa,” commented Jeffrey Singer, CEO of DIFC Authority. “Not only does the addition of such a well-established global name to our client portfolio reinforce Dubai’s position as a leading business hub, providing accessibility and connectivity to surrounding markets, but also shows recognition of the potential opportunities within the region.” 

Operating from more than 35 global locations, Wells Fargo’s International Group now has branch offices in Canada, Cayman Islands, Dubai, Hong Kong, London, Seoul, Shanghai, Singapore, Taipei and Tokyo. 

Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.4 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com), and has offices in more than 35 countries.  With more than 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 26 on Fortune’s 2012 rankings of America’s largest corporations. 

The Dubai International Financial Centre (DIFC) is the financial and business hub connecting the region’s emerging markets with the developed markets of Europe, Asia and the Americas. Currently, DIFC's client base comprises almost 912 active registered firms, including 19 of the world’s top 25 banks, eight of the world’s ten largest insurers, six out of ten top law firms, 11 of the top 20 money managers in the world. Around 14 thousand employees operate in an open environment complemented by international legal and regulatory standards. 

Source: Wells Fargo