UAE Lender ADCB To Open Singapore Office

Abu Dhabi Commercial Bank will open a representative office in Singapore this year as part of its plans to expand in southeast Asia, the bank said on Saturday.

The fourth-largest lender in the United Arab Emirates by assets has obtained approval for the office from the Monetary Authority of Singapore, it said. ADCB launched a representative office in London five months ago, and has two branches in India.

Several other UAE banks are also expanding in Asia as trade and investment flows with the region increase. National Bank of Abu Dhabi is developing operations in cities including Singapore, Hong Kong and Mumbai, while First Gulf Bank plans to open a representative office in China and Abu Dhabi Islamic Bank has said it is looking at possible acquisitions in southeast Asia.