First Abu Dhabi Bank (FAB) will have to brush up on its Mandarin skills. The UAE's biggest bank by assets will open up its very own branch in Shanghai in the Spring of 2022. The deal has been in the making for some time now, as FAB had already established a representative office in Shanghai back in 2012. However, having its own branch in China opens up many new opportunities. FAB will be able to offer both Chinese Yuan and foreign currency business onshore, thanks to the Financial license obtained from China's Banking and Insurance Regulatory Commission.
FAB's Shanghai branch will be led by Arthur Zou, who joined the Abu Dhabi lender back in 2015 as CEO of Asia Pacific and Singapore. In April of this year, FAB created a new role for Mr. Zou as head of international banking. In the coming years, Mr. Zou will not only be responsible for FAB's branch in Shanghai but will also have to provide a clear step-by-step approach for the bank's international aspirations (no pressure on you, Mr Zou).
Why it matters
This nws another demonstration of the significant advancements being made in Sino-UAE trade cooperation. Investment flows between the UAE and China have seen a spike in recent months, and the opening of a FAB branch in Shanghai can do none other than intensify the existing relationship.
