Indian finance giant sets up new Dubai base

07/02/2011 - Dubai Property News Posted by Neil King
Indian finance giant sets up new Dubai base

Aditya Birla Financial Services Group (ABFSG), which is part of the Indian multinational conglomerate Aditya Birla Group, has announced its entry into the Middle East by opening an office at the Dubai International Financial Centre (DIFC).

ABFSG, which has a major presence in life insurance, asset management, private equity, broking, wealth management and distribution and general insurance advisory services, said it was launching its Dubai operations as Aditya Birla Sun Life AMC, a "category 4 firm" licensed by the Dubai Financial Services Authority.

Speaking at the inauguration ceremony, Ajay Srinivasan, chief executive of financial services at Aditya Birla Group, said that the Dubai office would be a bridge between ABFSG and the region.

"The office will initially market and distribute all Birla Sun Life Asset Management Company products, denominated in Indian rupees and US dollars," he said.

"Our entry into Dubai is a significant milestone and will help us expand our geographic reach and presence with the opportunity to reach out to customers in Middle East region and Africa, who want to be a part of the Indian growth story," added Mr Srinivasan.