UniCredit, the Italian lender in which the Abu Dhabi wealth fund Aabar has a stake, said it has opened a corporate and investment banking (CIB) branch in the emirate.
The bank plans to provide financial services to businesses between the region and Europe and the wider Middle East from its base in Abu Dhabi Global Market (ADGM) on Al Maryah Island. It will not be catering to individual clients.
"The GCC represents an important destination for UniCredit's clients, with more than 1,000 European organisations already established in the market, operating in industries critical to the GCC's development such as trading, manufacturing, construction, utilities and oil and gas," said Jean Pierre Mustier, UniCredit's chief executive.
"These market characteristics, combined with a knowledge of the region built on our long-term presence in Abu Dhabi will allow UniCredit to capitalise on opportunities for our customers. Our 'One Bank', 'One UniCredit' vision for a simple, successful pan-European commercial bank with a fully plugged-in CIB delivering a unique western, central and eastern European network has also a lot to offer."
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UniCredit to open Abu Dhabi branch this year
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The bank said it will initially focus on transaction banking and financing, mostly in euros and US dollars. The commercial lending will centre on working capital and term loans, commodity trade finance and structured loans.
Since opening shop two years ago, ADGM has attracted more than 500 financial service firms as it seeks o bolster the share of finance in the emirate's economy as it weans itself from relying heavily on oil revenues for GDP growth.