Emirates NBD, a leading banking group in the region, has signed a memorandum of understanding (MoU) with Woori Bank, South Korea’s second largest bank.

The agreement aims to further strengthen the trade partnership between the UAE and South Korea while facilitating smoother business operations for South Korean corporates in UAE and the rest of GCC region, a statement from the bank said.

The signing ceremony was held at the Emirates NBD head office in Dubai, with several senior officials present, including Rick Pudner, group CEO, Emirates NBD; Soon-Woo Lee, CEO, Woori Bank; Bhanu Vittalam, head of international institutional banking, Emirates NBD; along with other delegates from South Korea.

“I am pleased to announce the signing of the MoU between Emirates NBD and Woori Bank, which will provide comprehensive banking services to South Korean business entities operating in UAE, Saudi Arabia and other GCC countries. The agreement will further offer an end-to-end platform to conduct increased levels of trade flows between the GCC and South Korea,” Pudner said.

In 2012, trade between UAE and South Korea grew by 21 per cent to a record $26.6 billion with UAE being South Korea's largest export market in the Middle East. While UAE exports are dominated by oil, the country is the fourth-largest exporter of crude oil to Korea.

Moreover, South Korean firms are currently important participants in many key projects in the UAE, from energy to the enhancement of the UAE’s infrastructure. – TradeArabia News Service