The global financial crisis saw the demise of several powerful international banking institutions across the world, and the survivors drastically reduced their international operations. Despite such a severe squeeze on the international financial services industry and the negative publicity Dubai attracted following the credit crisis, there has been no let-up in the number of new international banks starting operations in the Dubai International Financial Centre (DIFC).
"We have not seen any big institution shutting operations here following the crisis. On the contrary we saw many large international banks opening their offices. Currently we are working on a plan to reduce the cost of doing business from the DIFC. We are looking at a range of measures such as reduction in rents, fees and service charges," said Abdullah Al Awar, the Chief Executive of the DIFC Authority.
Even with the collapse of Lehman Brothers in September 2008, the bank did not end its operation in the DIFC. Rebranded under the Nomura nomenclature, it continues operating. Global level restructuring of some of the institutions saw some amount of downsizing across many institutions. Dresdner Bank closed its offices at the DIFC after its merger with Commerzbank, which already had space in the centre.
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