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Standard Chartered launches Dubai commodities division |
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5/19/2006 10:30:55 AM |
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Dubai: Dubai has been chosen for the global launch of Standard Chartered Bank's new commodities division.
Announced against a background of gold bars worth some $1 million, the commodities division will be operated regionally out of Dubai.
The new division adds another dimension to the bank's client offering for both corporates and institutions.
"Gold is the most ancient and long-lasting of commodity investments and recognised for generations in the Middle East as a safe haven and inflation hedge. Bullion is therefore the perfect signature commodity for our new department," Commodity Derivatives, Rates and Foreign Exchange global head Will Shropshire said.
"Dubai is particularly appropriate for our launch given the development of the Dubai Gold & Commodities Exchange, the UAE's precious metals expertise and its global reputation as a gold hub.
"Our expertise allows clients to benefit from investing in commodities as an asset class."
The Middle East, where investors have been heavily focused on the equity and property markets, is seen by Standard Chartered Bank as a key focus for commodity linked investments.
"Commodity derivatives bring more solutions to our regional corporate and institutional clients, offering them the opportunity to hedge price risk or gain greater portfolio diversification," added Shropshire.
Standard Chartered's new division will offer trading across a full spectrum of precious metals, base metals, energy and soft commodities.
"We will have a full product suite aligned to local client needs including export, import and project financing," said Shropshire. |
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