Dubai: Emirates NBD announced on Tuesday the opening of its Beijing representative office, underlining its commitment to China and the Gulf Cooperation Council (GCC) countries that seek to expand their footprint across all markets where Emirates NBD has operations.
Emirates NBD’s Beijing representative office was officially inaugurated by Vice Chairman Hesham Abdullah Al Qasim, in the presence of senior bank management, including Rick Pudner, Chief Executive Officer; Mohammad Hamad Al Shehi, Board Director and James Wu, China Representative, Emirates NBD. The opening ceremony was attended by senior government officials from China and the UAE, business leaders, industry decision-makers and media.
The opening of the Beijing office is part of Emirates NBD’s international expansion strategy, and is the bank’s first office in China. It will serve as a liaison point to facilitate and better serve the bank’s clients in their business activities in the world’s most-populous nation and in the high-growth Middle East region.
“Over the last decade, China has emerged as one of the Gulf’s most important trade partners, both as a leading energy importer and as the world’s largest exporter. Indeed, the Chinese business base in the UAE has witnessed considerable expansion, giving rise to a sizeable Chinese business and resident community,” said Al Qasim. “We believe this is the opportune time to expand our banking operations into China, and create a liaison point to support businesses operating in these two key markets.”
Trade partner
Recent studies estimate that trade between the UAE and China has increased 35 per cent annually during the last decade. Both China’s exports to the UAE and its petroleum imports from the country are set to grow further over the next few years, making China one of UAE’s top three trade partners.
Al Qasim also highlighted the significance of Beijing as the launch location for Emirates NBD in China, saying: “China has been leading global economic growth for more than a decade. As the nation’s capital, the home of central government, and headquarters for the state owned financial services and business sectors, Beijing is unquestionably the appropriate location for Emirates NBD to establish its footprint in this dynamic, internationally leading country.”
“Growing trade between the GCC states and China has underlined the need for efficient and speedy cross-border financial services, and we are committed to developing and supporting businesses both in China and our home region by leveraging our links in all the markets in which we operate,” said Rick Pudner.
