ABN Amro is to move its Middle East Private Banking operations to the Dubai International Financial Centre after having been granted a Category 1 licence from the emirate’s Financial Services Authority.

Under the terms of its licence the Dutch bank will be able to offer trust, custody and investment services, as well as engage in investment advisory and collective investment fund activities.

ABN Amro runs its Middle Eastern and Asian operations out of Singapore, Hong Kong and the UAE, having had a presence in the Middle East since 1973. The bank has been serving clients in the Middle East from premises in Dubai's Bank Street.

Despite Dubai’s recent debt woes, the appeal of the DIFC appears to remain strong, with many considering the centre a key hub for global finance as it serves as a bridge to the time gap between centres such as Hong Kong and London. Over 850 firms have registered at DIFC in the past five years alone.

Another recent addition to the DIFC is India’s Religare Asset Management, which was granted a licence to provide a full range of wealth and investment advisory services to professional investors and institutional clients in the Middle East earlier this month.

"Category 1 allows us to book onshore. Are there restrictions? Yes. Are they difficult for us? Not at all. We don't see an issue," Hassan El Nahas, head of Private Banking Middle East, told the Emirates Business publication, adding that the bank would continue to book its clients in Dubai, Singapore or Geneva.