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Sat 13 Nov 2010 01:53 PM

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Arab Banking Corp to launch Moscow operations

Bahrain based lender will become first Arab bank to have a presence in Russia

Arab Banking Corp to launch Moscow operations
ABC will seek to increase trade between firms in Russia, Ukraine and Belarus with those in the Middle East and North Africa (MENA) region (Getty Images)

Arab Banking Corporation (ABC) is to launch operations in Moscow on November 25, making it the first Arab bank to have a presence in Russia.

The office will seek to increase trade between firms in Russia, Ukraine and Belarus with those in the Middle East and North Africa (MENA) region, according to a statement.

It will be run by ABC International Bank, the UK based subsidiary of the ABC Group.

Hassan Juma, president and chief executive of Arab Banking Corporation said: “ABC believes that Russia offers considerable opportunities as a result of its dynamic economic development and historical relations with the Arab world.”

Arab Banking Corporation, based in Bahrain, is represented in 22 countries worldwide.

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