Manama, Bahrain: Arab Banking Corporation (ABC), an international banking group, is formally launching its Russian operations. ABC is opening its Moscow representative office on November 25, making it the first Arab bank to have a presence in Russia.
The Moscow office is run by ABC International Bank, the UK-based subsidiary of the ABC Group. The office aims to identify exporters/importers based in Russia, Ukraine and Belarus trading with the Middle East and Northern Africa region and increase the Group’s share of trade and other business flows with the MENA. It also serves as a point of contact for clients in Russia to provide them with information on services and products offered by the ABC Group network. ABC’s subsidiaries in the Arab world will play an active role in assisting importers as well to increase their trade flows with the Russian markets via the Moscow office.
Speaking about the new addition to the Group, Mr. Hassan Juma, President and Chief Executive of Arab Banking Corporation said, “ABC believes that Russia offers considerable opportunities as a result of its dynamic economic development and historical relations with the Arab world. We believe that this is the right time for our Group to have a presence in Russia. The opening of the Moscow office will also help enhance the trade ties between the two regions.”
Also commenting on the new Moscow office, Mr. Nofal Barbar, CEO, ABC International Bank, said: “Our new Moscow office is a great addition to our international network and a major step in deepening our understanding of the Russian market and to assist local banks and companies in doing business with the MENA.”
Arab Banking Corporation, popularly known as ABC, is an international universal bank headquartered in the Kingdom of Bahrain. It is represented in 22 countries worldwide, including the Middle East, North Africa, Europe, Asia and the Americas.