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Friends Provident gains new licence
12 June 2007 16:53:06
The insurer will open a branch in the business hub of Dubai, while maintaining operations in its smaller marketing office in the Dubai Airport Free Zone.
With the Dubai economy soaring, the move is sure to prove very lucrative for the firm, which already manages around £107 billion in funds.
Paul Tunnicliffe, director of international operations, explained the new deal:
"Securing a licence in the Middle East and gaining approval for a branch office is an integral part of FPI's expansion plans and further strengthens our commitment to international business and the region."
His sentiments were echoed by Matt Waterfield, general manager for FPI, who added:
"The UAE is central to our strategy for the Middle East. Securing the UAE licence and establishing offices within the central business district of Dubai is further evidence of Friends Provident's commitment to the region.
"We now have a robust platform from which to deliver new products and services which will add value to distributors and customers alike."
The move followed last month's speculation that fellow insurance giant AXA was considering a takeover bid.
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