Dubai Standard Chartered Bank opened its branch at Dragon Mart following an agreement with Nakheel property developers to be the sole provider of banking services there for three years.
Nakheel is the developers of Dragon Mart, the largest permanent Chinese trade corridor outside China.
Dragon Mart is a special-ised marketplace which is part of the 800-hectare International City development in the upcoming world-class hub for international investors, traders and retailers.
The new branch is the 10th branch of Standard Chartered which has the largest branch network among foreign banks in he UAE.
"This branch will provide both tenants of the Dragon Mart complex and its visitors a full range of wholesale and consumer banking services," said Ray Ferguson, chief executive, Standard Chartered UAE.
He said Standard Chartered is also well positioned to explore additional business from neighbouring developments, such as Arabian Ranches, Dubailand, International City, the fruit and vegetable market and the auto mart.
With Dragon Mart eventually expected to house around 4,000 businesses, the bank is now ideally placed to penetrate this growing and expanding customer base.
Standard Chartered views the Dragon Mart branch as a strategic move to leverage its expertise and extensive banking offerings to Chinese companies operating within Dubai, as well as the many local companies and consumers dealing with them.
Trade between the Middle East and China is set to increase, with commerce forecast by the Chinese Government to reach $100 billion (Dh367 billion) by 2010.
"Within the region, Dubai is fast establishing itself as a hub for Chinese trade and with Standard Chartered having a long history with both China and the UAE, we must lead the way in further assisting this developing trade pattern," added Ferguson.
He said Standard Chartered hopes to build a UAE-China corridor with this initiative and partner the growth of Chinese business and enterprise, which will also positively impact the bank's growing franchise within China.
