Bahrain-based Arab Banking Corporation (B.S.C.) (Bank ABC), the leading international banking Group in the MENA region, has announced the opening of a branch in the Dubai International Financial Centre (DIFC).
Bank ABC’s decision to open a branch in the DIFC comes as part of its plan to expand its international network, which already spans 18 countries in five continents.
“We are pleased that the Dubai Financial Services Authority (DFSA) has granted Bank ABC a license to operate in the DIFC. The DIFC Branch is authorised to advise, arrange and market wholesale banking and treasury products and services for professional clients,” said Dr. Khaled Kawan, Group Chief Executive Officer of Bank ABC.
He added, “Opening the DIFC Branch also reflects our commitment to our customers in the region. Dubai is a major global trade and investment centre, and our branch in the Emirate’s financial district will put us in a better and closer position to serve our clients.” The DIFC Branch has already commenced operations.
Mr. Allan Sword has been appointed Senior Executive Officer of the DIFC Branch. In this role, Allan will have the overall responsibility of leading Bank ABC’s UAE strategy across all wholesale banking and treasury and financial markets products, working closely with the other product lines and geography teams in the Bank ABC Group.
Allan, a commerce graduate and a Fellow of the Association of Chartered Certified Accountants, has worked for Bank ABC for ten years, responsible for Group Strategy and, prior to that, corporate advisory, acquisition finance and debt capital markets. He has previously worked in the DIFC and Dubai with leading international financial institutions.
The Bank ABC Group is a leading international wholesale bank providing innovative wholesale financial products and services that include corporate banking, trade finance, project and structured finance, debt capital markets, syndications, treasury products and Islamic banking. It also provides retail banking services through its network of retail banks in Jordan, Egypt, Tunisia and Algeria.