UAE bank begins operations on Chinese mainland

The National Bank of Abu Dhabi, one of the largest banks in the United Arab Emirates, announced on Wednesday the opening of its Shanghai representative office, its first on the Chinese mainland.

"Asian markets, especially China, have a vital strategic importance to our global operations after our entrance to the Asia market in 2009 with the establishment of the Hong Kong branch," said Michael Hardwick Tomalin, NBAD group chief executive.

According to China Banking Regulatory Commission directives, NBAD's presence in Shanghai will be operating as a representative office for two years offering mainly consulting services. NBAD will later apply to set up a branch that can offer more services.

China Daily - Xinhua - Reuters