Bank of Nova Scotia to open branch in Dubai

Roads have been cleared for the Bank of Nova Scotia to open its branch in Dubai, for dealing primarily in precious metals. The bank has been recently awarded license by the Dubai Financial Services Authority which has paved a way for the Toronto-based bank to have a branch in Dubai's international financial center.

Barry Wainstein, Scotia Bank's global head of foreign exchange and precious metals told, "This is a strategic initiative that reflects our confidence not only in the precious metals market, but also in the region." He informed that Scotiabank has presence in Dubai since 1998 and offering finance facilities to Dubai-based bullion traders, jewelers and refiners in co-operation with the National Bank of Dubai.

The troubled State-owned Dubai World has been currently under restructuring of debt worth $26 billion. Restructuring exercise would play a significant role for the global investors to invest in Dubai, the second-biggest of seven sheikdoms. The crisis had led to ripples across the financial world besides plunging stock markets across the world and making it difficult for Dubai-based companies to raise new debts.