Bahrain-based Bank ABC, a leading international banking group in the Mena region, today celebrated the official launch of its branch in the Dubai International Financial Centre (DIFC) in Dubai.

The bank’s clients and counterparties attended a reception to mark the event.

The new Bank ABC Branch, which is licenced by the Dubai Financial Services Authority, will advise, arrange and market wholesale banking and treasury products and services on behalf of the Bank ABC Group.

Bank ABC’s decision to open a branch in the UAE comes as part of its strategy to expand its international network, which already spans 18 countries in five continents, and to grow and develop its franchise in the region.
 
“Opening the DIFC Branch is an important milestone for Bank ABC. It deepens our long time commitment to our customers in the UAE and the region. Dubai is a major hub for trade and investment. Our physical presence in the UAE will put us in even a closer position to serve our clients,” said Dr Khaled Kawan, group chief executive officer of Bank ABC.

The branch is headed by Allan Sword, senior executive officer, who has the overall responsibility of leading Bank ABC’s UAE strategy across all wholesale banking and treasury and financial markets products, working closely with the other product lines and geography teams in the Bank ABC Group. He has previously worked in the DIFC and Dubai with leading international financial institutions, in addition to liaising with the ABC Group in various responsibilities.

“The UAE will play an increasingly important role in the group strategy as it represents an important regional hub for inbound and outbound Mena trade and investment flows. As one of the first Bahrain-based banks to be present in DIFC, Bank ABC’s stakeholders have responded positively to the development,” said Sword.

The Bank ABC Group (Arab Banking Corporation) is a leading international wholesale bank providing innovative wholesale financial products and services that include corporate banking, trade finance, project and structured finance, debt capital markets, syndications, treasury products and Islamic banking. It also provides retail banking services through its network of retail banks in Jordan, Egypt, Tunisia and Algeria. - TradeArabia News Service