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The UAE-based First Abu Dhabi Bank (FAB) is set to open its first branch in mainland China in the first quarter of 2022, expanding its international network.
The UAE’s biggest lender received a financial license from the China Banking and Insurance Regulatory Commission Shanghai Office that enables the bank to open a branch in Shanghai, UAE's largest bank by assets said on Tuesday.
With this license, FAB is set to offer both RMB and foreign currency business onshore in China.
Hana Al Rostamani, Group Chief Executive Officer of FAB, said: “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.”
The Shanghai branch will be led by Arthur Zou, CEO of FAB China who joined the group in April this year.
FAB first set up a representative office in Shanghai in 2012.
(Writing by Brinda Darasha; editing by Seban Scaria)
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