Shinhan Bank, one of South Korea’s top lenders, has opened its office at Dubai International Financial Centre (DIFC), the global financial hub connecting businesses and institutions with emerging market opportunities across the Middle, East, Africa and South Asia.

The launch of the new office, which is Shinhan Bank’s 98th branch worldwide, is in line with the company’s expansion to global markets including the Philippines and Indonesia.

Through its presence in DIFC, Shinhan will provide a variety of financial services to businesses in the UAE and across the Middle East, said Cho Yong-byung, the president and chief executive of Shinhan Bank at the launch.

The opening ceremony was attended by senior officials including Hae-Ryong Kwon, Ambassador of Korea to the UAE and Arif Amiri, the chief executive of DIFC Authority.

Strong bilateral ties between the UAE and South Korea have been established since 1980, with significant focus on trade and investment. The UAE is currently home to 350 Korean corporations and 10,000 Korean residents.

Welcoming the delegation, Amiri said: "The opening of Shinhan Bank in DIFC marks a significant milestone in the growth and diversification of the Centre. Our world-class legal and regulatory frameworks, combined with Dubai’s unrivalled connectivity, make it an ideal platform to access trade and investment across the Middle East, Africa and South Asia."

"We are confident Shinhan Bank will achieve great success from its new base in the region," he noted.

Yong-byung said Dubai continued to serve as a gateway for global business and investment into the region. "With several international projects underway, the required infrastructure alone will serve as a boon for project finance, while the increasing population of Dubai and the wider UAE will generate organic growth opportunities across a range of sectors," he stated.

“Shinhan Bank looks forward to bringing its customer-oriented spirit to the Middle East by offering comprehensive financial solutions that mutually benefit our customers across the region and the wider financial community”, he added.

With the addition of DIFC, Shinhan Bank now operates in 19 countries and is expected to increase its presence to 140 branches by the end of the year, following its recent acquisition of CNB (Centratama Nasional Bank) in Indonesia.-TradeArabia News Service