UAE bank begins operations in Shanghai

The National Bank of Abu Dhabi, one of the largest banks in the United Arab Emirates, announced on Oct 10 the opening of its Shanghai representative office, its first on the Chinese mainland.

"Asian markets, especially China, have a vital strategic importance to our global operations after our entrance to the Asia market in 2009 with the establishment of the Hong Kong branch," said Michael Hardwick Tomalin, NBAD group chief executive.

The Shanghai office, together with the Hong Kong branch, will serve as a gateway to the UAE, the Middle East and North Africa for NBAD's customers in China.

According to China Banking Regulatory Commission directives, NBAD's presence in Shanghai will be operating as a representative office for two years with mainly consulting services and NBAD will later apply to set up a branch that can offer more services.