By Staff writer
Abu Dhabi Commercial Bank obtains approval for office from Monetary Authority of Singapore
Abu Dhabi Commercial Bank has announced plans to open a representative office in Singapore this year as part of its plans to expand in southeast Asia.
The fourth-largest lender in the UAE by assets has obtained approval for the office from the Monetary Authority of Singapore, the bank said in a statement, adding that the office will be located in Singapore's Central Business District.
ADCB launched a representative office in London five months ago, and has two branches in India.
Colin Fraser, head of wholesale banking group at ADCB, said: "Singapore is a vital business crossroads of the world, and with Southeast Asia continuing to benefit from positive trade flows with the Middle East, it is natural and appropriate that ADCB establishes presence there, in line with our overall strategy for an increased international presence that will build over time."
Several other UAE banks are also expanding in Asia as trade and investment flows with the region increase.
National Bank of Abu Dhabi is developing operations in cities including Singapore, Hong Kong and Mumbai, while First Gulf Bank plans to open a representative office in China and Abu Dhabi Islamic Bank has said it is looking at possible acquisitions in southeast Asia.