| 16 April 2024, Tuesday |

FAB to expand international network with first branch in China

First Abu Dhabi Bank (FAB), the UAE’s largest bank by assets, will expand its international network early next year with the opening of its first branch in China.

The China Banking and Insurance Regulatory Commission granted FAB a financial license on Tuesday, allowing the lender to open a branch in Shanghai.

The branch is scheduled to open in the first quarter of 2022.

“With the expansion of our presence in Shanghai, FAB can now apply scale, expertise, and financial strength to accelerate collaboration across both nations’ priority industries,” said group CEO Hana Al Rostamani.

“Our expanded footprint in Asia allows us to better serve our clients through specialized offerings while also delivering the next phase of our international strategy.”

In 2012, the lender established a representative office in Shanghai. According to the company, with the new branch license, FAB will be able to offer both Chinese yuan and foreign currency business onshore in China.

Arthur Zou, chief executive of FAB China, who joined the group in April this year, will lead the FAB Shanghai branch. Mr. Zou previously held a number of senior positions in international banks in Europe and China.

“The establishment of a full FAB branch in Shanghai will advance Sino-UAE trade cooperation and deepen ties between our two countries,” said Clarence Singam-Zhou, head of international banking at FAB.

“FAB Shanghai is a platform for FAB to align its offerings with the economic potential of the Chinese market, allowing us to provide more tailor-made solutions to Chinese clients to support their growth in the Middle East and North Africa, while also opening up a new gateway to the Chinese market for our Mena clients.”

According to FAB, the strategic expansion is expected to strengthen and expand regional business connectivity between the Mena and Asia-Pacific regions.

According to the statement, the branch also paves the way for increased trade and investment flows between China and the UAE, as well as the Mena and Asia-Pacific regions.

  • The National News