The new Bank ABC branch, which is licenced by the Dubai Financial Services Authority, will advise, arrange and market wholesale banking and treasury products and services on behalf of the Bank ABC Group.
Commenting on the launch, Dr. Khaled Kawan, Group Chief Executive Officer of Bank ABC, said, “Opening the DIFC branch is an important milestone for Bank ABC. It deepens our long time commitment to our customers in the UAE and the region. Dubai is a major hub for trade and investment. Our physical presence in the UAE will put us in even a closer position to serve our clients.”
Bank ABC’s decision to open a branch in the UAE comes as part of its strategy to expand its international network, which already spans 18 countries in five continents, and to grow and develop its franchise in the region.
The branch is headed by Allan Sword, Senior Executive Officer, who has the overall responsibility of leading Bank ABC’s UAE strategy across all wholesale banking and treasury and financial markets products, working closely with the other product lines and geography teams in the Bank ABC Group. He has previously worked in the DIFC and Dubai with leading international financial institutions, in addition to liaising with the ABC Group in various responsibilities.
“The UAE will play an increasingly important role in the Group strategy as it represents an important regional hub for inbound and outbound MENA trade and investment flows. As one of the first Bahrain-based banks to be present in DIFC, Bank ABC’s stakeholders have responded positively to the development,” said Sword.
The Bank ABC Group (Arab Banking Corporation) is a leading international wholesale bank providing innovative wholesale financial products and services that include corporate banking, trade finance, project and structured finance, debt capital markets, syndications, treasury products and Islamic banking. It also provides retail banking services through its network of retail banks in Jordan, Egypt, Tunisia and Algeria.
2017 CPI Financial. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
