UAE-based Abu Dhabi Commercial Bank (ADCB) is planning to expand its footprint in Southeast Asia by opening a new representative office in Singapore this year.
The lender has already received approval from the Monetary Authority of Singapore to launch the new office.
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Located in Singapore’s Central Business District, the new office seeks to boost the firm’s financial activities on an international scale.
ADCB already has a representative office in London and also two branches in India.
Colin Fraser, head of wholesale banking group at ADCB, said: "Singapore is a vital business crossroads of the world, and with Southeast Asia continuing to benefit from positive trade flows with the Middle East, it is natural and appropriate that ADCB establishes presence there, in line with our overall strategy for an increased international presence that will build over time."
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