(MENAFN- Jordan News Agency) Amman, Sept. 21 (Petra) -- The Arab Bank has opened a new branch in Shanghai in China in a move designed to strengthen the bank's footprint in the Chinese market within its global branch network, which includes about 600 branches across five continents.
The opening of the new branch comes after the Arab Bank was licensed by the China Banking and Insurance Regulatory Commission to upgrade its representative office in Shanghai to a full-fledged branch, boosting its Asian expansion scheme, which includes Singapore and South Korea.
The Arab Bank is one of the first Arab banking institutions to operate in China opening the first representative office in Beijing in 1985, followed by the opening of its second representative office in Shanghai in 1996.
On this occasion, the bank held a special reception in Shanghai in the presence of its Chairman, Sabeeh Masri, and the CEO of the bank, Nemeh Sabbagh. The reception was attended by representatives of the Shanghai Banking Association, Chinese and international banking bodies and corporate and business figures.
"The opening of the Arab Bank branch in China is in line with the bank's strategic vision aiming to expand its banking network and strengthen its presence in the most important and developed global markets, including the Chinese market, the second largest in the world," Masri said.
Sabbagh said: "Through our new branch in China and our extensive banking network, we will provide diversified and integrated banking and finance solutions to our corporate customers who want to access Asian markets, as well as meet the needs of international companies operating in the region, including Chinese companies. This will help promote trade between the MENA region and China and build on the growth and expansion opportunities available in these key markets."
Noteworthy, the Arab Bank is among correspondent banks that serve major Chinese banks thanks to its extensive banking network, which is one of the largest Arab banking networks in the world.
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21/09/2019 20:40:13
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