Emirates NBD, the largest bank of the United Arab Emirates (UAE), opened its first Chinese office in Beijing on Monday to benefit from growing trade relations between China and the UAE.
The move is believed to help companies from Gulf countries enter and expand into China while enable Chinese companies to extend their operations in the Gulf region.
Bilateral trade between China and the UAE has grown 35 percent annually over the past decade. With the deepening of trade relations, companies from both sides need fast and efficient cross-border financial services, said Rick Pudner, Emirates NBD's chief executive officer.
Pudner said the bank will be committed to promoting closer trade and economic ties between China and Gulf countries.
The entry of Emirates NBD into China follows the China Banking Regulatory Commission's easing of restrictions on investment in lenders. This allows qualified companies to buy shares through private placement, share subscriptions or mergers and acquisitions.
Emirates NBD, based in Dubai, enjoys a 17-percent market share of the UAE's banking sector.
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