Abu Dhabi: Unicredit on Monday opened a new corporate and investment banking branch in Abu Dhabi. The Pan European commercial bank is eyeing the fast growing corporate and investment banking business in the region.
The new branch, which upgrades the local representative office first established in 2001, will act as a hub for the Gulf Cooperation Council (GCC) as well as the wider Middle East and Africa (MEA) region, delivering increased support to UniCredit’s European clients, while also supporting local clients including regional multinationals, local financial institutions and Sovereign Wealth Funds.
Located in the Abu Dhabi Global Market financial free zone, the branch will initially focus on transaction banking and financing predominantly in Euro and US Dollar.
“The GCC represents an important destination for UniCredit’s clients, with more than 1,000 European organisations already established in the market operating in industries critical to the GCC’s development such as trading, manufacturing, construction, utilities and oil & gas,” Jean Pierre Mustier, Chief Executive Officer of UniCredit said during a press conference in Abu Dhabi on Monday.
“These market characteristics, combined with a knowledge of the region built on our long-term presence in Abu Dhabi will allow UniCredit to capitalise on opportunities for our customers.”
Abu Dhabi fund Aabar, which is now part of Mubadala Investment Company has five per cent stake in UniCredit.
The bank is looking to further develop relationship with Mubadala, Mustier said when asked whether there are any discussions on the increase of Mubadala’s stake in the bank.
The Abu Dhabi branch will be led by Yahia El Assadi, Head of MEA Region and Abu Dhabi Branch Manager, who will report directly to the co-heads of UniCredit Corporate & Investment Banking, Olivier Khayat and Gianfranco Bisagni.
