The Bank becomes the first financial institution in the Gulf to build a comprehensive banking platform for the Chinese community
The TianLong service includes Chinese language documentation, a dual-currency prepaid card and a renminbi account, among other features
DUBAI, UAE/19 December 2012: Commercial Bank of Dubai (CBD) has launched its TianLong comprehensive Chinese banking service, bringing the bank's expertise in offering creative financial services to the Chinese community in the UAE, numbering around 300,000. The total number of businesses owned by the Chinese in the UAE is estimated at 5,000, and the country gets about 150,000 Chinese visitors a year.
CBD's main target is the Chinese Wholesale Market and SME segment in Dubai, besides the wider Chinese business community in Abu Dhabi, Sharjah and Ajman. Its mission is to serve the commercial and personal banking needs of Chinese small and medium enterprises (SMEs) and their business-owners with management and delivery platforms dedicated to their requirements.
The announcement of the TianLong service was formally celebrated at Al Qasr Hotel, Madinat Jumeirah.
CBD CEO Peter Baltussen said about the service, "With CBD's TianLong Chinese banking, we have created a platform that is wholly dedicated to you, our Chinese friends, who with a population of nearly 300,000 expats and over 5,000 businesses, are greatly contributing to the success of Dubai and the UAE." UAE-China trade has increased to $36.6 billion in 2011, and it is expected to increase to $60 billion in 2015. Mr. Baltussen said that CBD intended to be a financial partner that understood the needs of its Chinese clients and supported them with the right solutions. The bank, he added, was the first financial institution in the Gulf to build such a comprehensive platform.
The TianLong service includes Chinese language documentation, tailor-made products and services, Chinese-speaking relationship managers, and even a dedicated Chinese-speaking call centre hotline. Clients could have their own renminbi (RMB) account to "feel at home with CBD", said Baltussen. He said that "the one very unique part of this platform" was the CBD China UnionPay Prepaid card, which allowed one to make purchases in both Emirati dirham (AED) and RMB. The China UnionPay is a prepaid money card that can be used to withdraw local currency from all ATMs in Mainland China and most ATMs in Hong Kong and Macau. It is also accepted for purchases at over 1.3 million retailers.
Addressing the Chinese community, Baltussen said, "We are the first financial institution outside of China to issue this dual currency card, and one of the very few worldwide who have taken the step to create such a comprehensive Chinese window for our Chinese customers. We look forward to building a stronger and ever-more fruitful relationship with all of you. Let us all work together to build a successful bridge between our countries, cultures and businesses."
In August this year, CBD became the first bank to issue the CBD UnionPay dual-currency debit card in the GCC region. This signified the introduction of the first programme to offer dual-currency solution (AED and Yuan - RMB) in partnership with China UnionPay.
As one of the most innovative financial solution providers in the UAE, these moves highlight CBD's critical role in the financial cooperation between the UAE and China.
CBD aims to leverage the $120 billion (AED 440.4 billion) trade between China and the Arab region, for which the UAE is the most important re-export hub. The bank has products and services that would enable it to enter this value chain - this represents a total market of AED 175.5 million. Besides the UAE's resident Chinese community, the bank is also looking at catering to the Chinese visitors to the UAE, numbering around 150,000 every year.
The rapid economic growth in both the UAE and China has brought the subsequent rapid development of bilateral trade, resulting in more business trips, travel and overseas trade between the two countries. CBD is known for offering creative financial services to its clients in order to facilitate economic cooperation between the UAE and its trade partners.
ABOUT CBD
The Bank was incorporated in Dubai, United Arab Emirates in 1969 and is registered as a Public Shareholding Company (PSC).
The Bank is listed on the Dubai Financial Market and is fully owned by UAE Nationals, including 20% by the Government of Dubai. The Bank employs around 1,100 staff from 35 nationalities of which 40% are UAE Nationals. It offers a wide range of Conventional and Islamic banking products and services to its commercial and consumer banking customers. After the opening of a new branch at Abu Dhabi Airport Road, its total network has grown to 26 conventional branches, 6 Islamic Branches and 2 Cash Offices. Moreover the Bank has invested in an extensive network of 210 ATMs/CDMs. It also provides Wealth Management services to its consumer customers through its 15 Al Dana Wealth Management Centers.
Media contact:
Dominique Famador
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New Perspective Media
DUBAI
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Dominique@newperspectivemedia.com
ABU DHABI
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P.O. Box 77910, Abu Dhabi, U.A.E.
Tel: (+971) 2 401 2835
Fax:(+971) 2 401 2836
© Press Release 2012
