By Andy Sambidge
Beijing move is part of global expansion plan by UAE banking major, say senior officials
Emirates NBD, one of the Middle East's biggest banks, said on Tuesday it had opened its first office in China as part of its international expansion plan.
The UAE banking major said the inauguration of its Beijing Representative Office underlined its commitment to businesses in China.
The opening is the bank's first office in China and will serve as "a liaison point to facilitate and better serve the bank's clients in their business activities in the world's most-populous nation and in the high-growth Middle East region", the bank said in a statement.
Hesham Abdulla Al Qassim, vice chairman of Emirates NBD said: "Over the last decade, China has emerged as one of the Gulf's most important trade partners, both as a leading energy importer and as the world's largest exporter.
"Indeed, the Chinese business base in the UAE has witnessed considerable expansion, giving rise to a sizeable Chinese business and resident community.
"We believe this is the opportune time to expand our banking operations into China, and create a liaison point to support businesses operating in these two key markets."
Recent studies estimate that trade between the UAE and China has increased 35 percent annually during the last decade.
Both China's exports to the UAE and its petroleum imports from the country are set to grow further over the next few years, making China one of UAE's top three trade partners.
Emirates NBD's CEO Rick Pudner added: "Growing trade between the GCC states and China has underlined the need for efficient and speedy cross-border financial services, and we are committed to developing and supporting businesses both in China and our home region by leveraging our links in all the markets in which we operate."
In July, Emirates NBD reported a 13 percent decline in second quarter profit.
Group profit for the period ending June 30 fell to AED647.4m ($176.4m) from AED744.5m in the same period a year ago.
Dear all ,
Very Nice to know that Emirates NBD has opened their Branch in China. This will facilitate the Far East Companies to promote their Business Venture with Emirates NBD.
Our good wishes to all in Emirates NBD and special good wishes to Mr. Jamal Bin Ghaitha - G.M. Mr. Rick Pudner - C.E.O and Mr. Hesham Abdulla Al Qassim.
Our good wishes to growth and prosperity of Emirates NBD at all times.
Regards and God Bless.. U.A.E.