|11-03-2014, 06:38 AM||#1|
ADCB to open a representative office in Singapore
UAE`s fort-largest lender, ADCB, plans to open this year a representative office in Singapore after it obtained an approval from the Monetary Authority of Singapore.
"Singapore is a vital business cross-roads of the world, and with Southeast Asia continuing to benefit from positive trade flows with the Middle East," affirmed the head of wholesale at ADCB, Colin Frazer.
ADCB aims to expand its financial activities on an international scale with this new office after that it opened five months ago two branches in India and a representative office in London.
"It is natural and appropriate that ADCB establishes presence there, in line with our overall strategy for an increased international presence that will build over time," he added.
The trend of expansion is also applied by many other UAE banks with the National Bank of Abu Dhabi also opening offices in Singapore, Hong Kong and Mumbai and First Gulf Bank to open one in China, while Abu Dhabi Islamic Bank intends to expand in Southeast Asia.
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