The National Bank of Abu Dhabi (NBAD), a leading bank in the UAE, will cooperate with Seoul Metropolitan Government (SMG) to promote and develop Seoul International Financial Center (SIFC) into a financial hub.

As NBAD’s expansion in Asia accelerates, NBAD responded to SMG’s invitation to sign a memorandum of understanding with it, which allows both parties to aid each other with their ambitions.

NBAD will in principle support and contribute to the development of SIFC into a regional financial hub. Seoul Government would provide administrative support to NBAD’s potential expansion into South Korea.

“NBAD welcomes this partnership with Seoul Metropolitan Government and we look forward to a fruitful relationship that will mutually benefit both parties and our countries,” said Qamber Ali Al Mulla, senior general manager of International Banking Division of NBAD.

“The National Bank of Abu Dhabi is the UAE’s flagship international bank with a growing network that spans 15 countries. We continue to study and identify markets for expansion with particular interest in Asia and the Arab world.”

“Given that UAE and Korea continue to expand commerce and cultural links, it is natural that we study the Korean market for entry,” said Ernest Law, the Regional Manager of NBAD-Hong Kong, who manages NBAD’s functions in Asia. “Korea is a promising market and NBAD certainly sees great opportunities and potentials.

UAE is the Arab world’s second largest market and enjoys the world’s sixth highest per capita income; South Korea is an industrialised country and the world’s 12th largest economy.

South Korea’s SIFC is a recent development in Yeoudio Island, which is located in the Han River spanning the South Korean capital city. – TradeArabia News Service