Emirates NBD opens Beijing office
Dubai, September 11, 2012
Emirates NBD, a leading bank in the Middle East, has announced the inauguration of its Beijing Representative Office.
The office was officially inaugurated by the bank’s vice chairman Hesham Abdulla Al Qassim, in the presence of senior bank management, including Rick Pudner, chief executive officer; Mohammed Hamad Al Shehi, board director and James Wu, China representative, Emirates NBD.
“Over the last decade, China has emerged as one of the Gulf’s most important trade partners, both as a leading energy importer and as the world’s largest exporter. Indeed, the Chinese business base in the UAE has witnessed considerable expansion, giving rise to a sizeable Chinese business and resident community,” said Al Qassim.
“We believe this is the opportune time to expand our banking operations into China, and create a liaison point to support businesses operating in these two key markets.”
Recent studies estimate that trade between the UAE and China has increased 35 per cent annually during the last decade. Both China’s exports to the UAE and its petroleum imports from the country are set to grow further over the next few years, making China one of UAE’s top three trade partners.
“China has been leading global economic growth for more than a decade. As the nation’s capital, the home of central government, and headquarters for the state owned financial services and business sectors, Beijing is unquestionably the appropriate location for Emirates NBD to establish its footprint in this dynamic, internationally leading country,” Al Qassim added.
“Growing trade between the GCC states and China has underlined the need for efficient and speedy cross-border financial services, and we are committed to developing and supporting businesses both in China and our home region by leveraging our links in all the markets in which we operate,” said Pudner.
“Our leadership position is founded upon a pioneering culture and clear strategic vision, focused on meeting the evolving needs of our customers across all business areas, complemented by our growing regional and international presence.”
“As more and more organisations focus on leveraging global opportunities, they are also on the lookout for market intelligence, business support and expert financial advice,” said James Wu.
“The Beijing Representative Office’s initial offering will include market research and liaison services and will work with customers across both regions to provide all the necessary support. The office will also work closely with Singapore branch covering the Asia pacific region to capture the significant Intra - Asian trade and investment flows,” he added. – TradeArabia News Service
More Finance & Capital Market Stories
- Insurance House posts second year of profit
- ETF global assets hit record $2.44 trillion
- Bahrain firms plan IPOs
- Serbia wins $1bn Abu Dhabi loan
- Key equity banker resigns from Saudi Fransi
- DMCC to boost Islamic commodity trade with tie-ups
- IDB, KIA units to invest in Morocco
- First Gulf to set up $1bn sukuk in Malaysia
- Singapore’s UOB Bullion and Futures joins DGCX
- Infrastructure investment ‘key to growth’
- BKIC declares 30pc dividend
- StanChart profit falls 16pc in 2013
- Veteran Saudi banker to head AMF
- Dubai World prepays $284m to creditors
- EFG-Hermes sells Damas stake to Mannai
- Ultra rich number to grow 35pc in Mideast
- Saudi IPO market 'set for big year'
- RAK 'exploring' ceramics unit stake sale
- Bahrain Bourse wins key UK award
- Alba backs Euromoney forum
- URC bond rating upgraded to stable outlook
- GCC urged to set up onshore financial centres
- Consolidation push paying off for Bahrain banks
- Mubadala to focus more on US, Europe
- Six banks join plan for shared customer data register
- UAE economy grows 4pc in 2013
- Egypt foreign reserves up to $17.3bn
- StanChart opens second branch in Iraq
- Oil below $90 to hit GCC economies
- Payfort offers zero deposit scheme to SMEs