First Abu Dhabi Bank (FAB), the UAE's biggest bank by assets, will expand its international network with the opening of its first branch in China early next year.
FAB received a financial licence from the China Banking and Insurance Regulatory Commission that allows the lender to open a branch in Shanghai, it said on Tuesday.
The branch is expected to be fully operational 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 the priority industries of both nations,” said group chief executive Hana Al Rostamani.
“Our extended footprint in Asia means we can better serve our clients through specialised offerings and deliver the next phase of our international strategy.”
The lender set up a representative office in Shanghai in 2012. With the new branch licence, FAB is set to offer both Chinese yuan and foreign currency business onshore in China, it said.
The FAB Shanghai branch will be led by Arthur Zou, chief executive of FAB China, who joined the group in April this year. Mr Zou previously held several key positions in international banks across Europe and China.
“The establishment of a full FAB branch in Shanghai will advance Sino-UAE trade co-operation and deepen ties between our two countries,” said Clarence Singam-Zhou, head of international banking at FAB.
“FAB Shanghai is a platform to align FAB’s 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 opening up a new gateway to the Chinese market for our Mena clients.”
The strategic expansion is expected to strengthen and grow regional business connectivity between the Mena and Asia-Pacific regions, FAB said.
The branch also paves the way for increased trade and investment flows between China and the UAE, as well as the Mena and the Asia-Pacific regions, it said.
The specs
Engine: 2.0-litre 4-cylinder turbo
Power: 240hp at 5,500rpm
Torque: 390Nm at 3,000rpm
Transmission: eight-speed auto
Price: from Dh122,745
On sale: now
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The specs
Engine: 3.0-litre 6-cyl turbo
Power: 374hp at 5,500-6,500rpm
Torque: 500Nm from 1,900-5,000rpm
Transmission: 8-speed auto
Fuel consumption: 8.5L/100km
Price: from Dh285,000
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MATCH INFO
What: 2006 World Cup quarter-final
When: July 1
Where: Gelsenkirchen Stadium, Gelsenkirchen, Germany
Result:
England 0 Portugal 0
(Portugal win 3-1 on penalties)
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Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
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Specs
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In numbers
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GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
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Essentials
The flights
Emirates, Etihad and Malaysia Airlines all fly direct from the UAE to Kuala Lumpur and on to Penang from about Dh2,300 return, including taxes.
Where to stay
In Kuala Lumpur, Element is a recently opened, futuristic hotel high up in a Norman Foster-designed skyscraper. Rooms cost from Dh400 per night, including taxes. Hotel Stripes, also in KL, is a great value design hotel, with an infinity rooftop pool. Rooms cost from Dh310, including taxes.
In Penang, Ren i Tang is a boutique b&b in what was once an ancient Chinese Medicine Hall in the centre of Little India. Rooms cost from Dh220, including taxes.
23 Love Lane in Penang is a luxury boutique heritage hotel in a converted mansion, with private tropical gardens. Rooms cost from Dh400, including taxes.
In Langkawi, Temple Tree is a unique architectural villa hotel consisting of antique houses from all across Malaysia. Rooms cost from Dh350, including taxes.
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2009 Berlin
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2013 Moscow
100m Gold
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2015 Beijing
100m Gold
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