UAE’s First Abu Dhabi Bank to open first mainland China branch
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UAE’s First Abu Dhabi Bank to open first mainland China branch

UAE’s First Abu Dhabi Bank to open first mainland China branch

FAB will offer both RMB and foreign currency business onshore in China through its new branch in Shanghai

Shanghai

The UAE’s largest bank, First Abu Dhabi Bank (FAB) has received a financial license from the China Banking and Insurance Regulatory Commission Shanghai Office to open a branch in Shanghai.

The Shanghai Branch will be FAB’s first branch in mainland China and follows the establishment of its representative office in Shanghai in 2012.

With this license, FAB is set to offer both RMB and foreign currency business onshore in China at the inception of the Shanghai branch.

FAB Shanghai branch is expected to be fully operational in the first quarter of 2022, and will be led by Arthur Zou, CEO of FAB China, who joined the group in April this year.

Zou has previously held several key positions in international banks across Europe and China.

The strategic expansion is expected to strengthen regional business connectivity between the MENA and Asia-Pacific (APAC) regions. The branch will also likely pave the way for increased trade and investment flows between China and the UAE as well as MENA and APAC.

The UAE is China’s largest non-oil trading partner in MENA, with UAE-China trade volumes reaching over $50bn with a target to expand it further to $200bn by 2030.

“The UAE has a long-standing and trusted partnership with China, one that is rooted in shared values of collaboration and progress. 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,“ said Hana Al Rostamani, group chief executive officer of FAB.

“Our extended footprint in Asia means we can better serve our clients through specialised offerings and deliver the next phase of our international strategy,” noted Al Rostamani.

Clarence Singam-Zhou, head of international banking at FAB, added: “The establishment of a full FAB branch in Shanghai will advance Sino-UAE trade cooperation and deepen ties between our two countries. FAB Shanghai is a platform to align FAB’s offerings with the economic potential of the Chinese market, allowing us to provide more tailor-made solutions to Chinese clients to support their growth in the Middle East and North Africa (MENA), while opening up a new gateway to the Chinese market for our MENA clients.”

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