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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