First Abu Dhabi Bank (FAB), one of the largest banks in the United Arab Emirates, has acquired a fiscal license from the China Banking and Insurance Regulatory Commission office in Shanghai to establish a branch in the Mainland China city – Shanghai.
First Abu Dhabi Bank in Shanghai
First Abu Dhabi Bank is brainstorming to facilitate both Ren Min Bi and foreign currency business enterprises onshore in China after the initiation of the Shanghai branch.
The FAB Shanghai branch is anticipated to be comprehensively operational in Q4 of 2022 and will be commanded by Arthur Zou, CEO of First Abu Dhabi Bank China, who united with the group in April 2021. Zou has priorly been stationed in numerous chief positions in international banks across China and Europe.
The premeditated extension to Shanghai is estimated to further cement regional business connectivity betwixt the Asia-Pacific and MENA regions. The First Abu Dhabi Bank in Shanghai will also most probably pave the path for enhanced trade and investment streams betwixt the UAE and China as well as the APAC and MENA region.
The United Arab Emirates is China’s most eminent non-oil trading partner in the MENA region. With the UAE-China trade capacities reaching beyond USD 50 billion, the countries have established a goal to extend it over the USD 200 billion mark by 2030.
Group Chief Executive Officer of FAB, Hana Al Rostamani, stated that the UAE had a long-established and trusted collaboration with China. This trusted partnership is based on shared beliefs of collaboration and progression. With the extension of First Abu Dhabi Bank’s presence in Shanghai, the bank can now expect to upscale expertise and fiscal strength to enhance collaboration throughout prioritized industries of both the countries, Al Rostamani stated.
Al Rostamani further pointed out that FAB’s extended baseline in Asia meant that they could better serve their clients via dedicated offerings and deliver the next segment of FAB’s international strategy.
The Head of International Banking at FAB, Clarence Singam-Zhou, stated that the creation of a comprehensive FAB branch in Shanghai will enhance the China-UAE cooperation and cement the ties betwixt the two nations. FAB Shanghai is a platform to resonate FAB’s offerings with the economic capacities of the Chinese market, Zhou stated. The collaboration would allow FAB to deliver more customized solutions to the Chinese clientele to aid their growth curve in the MENA region, whilst unlocking a new-fangled gateway to the Chinese market for the middle eastern clientele.