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Union National Bank bolsters presence in China

Union National Bank bolsters presence in China

The inauguration ceremony of UNB’s new office at SWFC was attended by
senior management from UNB as well as representatives from the Shanghai World Financial Centre. 

Commenting on the event, Mohammad Nasr Abdeen, CEO of UNB said, “Industry specialists cannot ignore the significance of the Chinese economy, its fast development and its influence worldwide. The Chinese trade exchange volume is becoming increasingly important with its global partners including the UAE, and we expect a substantial increase of trade activities between our two countries. UNB’s decision to expand its activities in China is an important strategic move.” 

UNB aims through its presence in China to leverage economic cooperation and trade relations between the two countries and facilitate customers’ transactions by providing financial solutions to commercial and investment activities between the UAE and China.

It is also worth mentioning that cooperation ties were forged and strengthened between the UAE and China in the 1980s, as the two nations began energizing bilateral trade relationships. This provided UNB the right impetus to look beyond the GCC and MENA region, as part of its international expansion strategy.

UAE-China bilateral trade crossed USD 18.5 billion in 2008, with more than 2,000 Chinese firms operating in the UAE and nearly 200,000 Chinese nationals living and working in the country. In addition, a large number of UAE companies are eying big initiatives in the high potential Chinese markets.