Bahrain-based Bank ABC (Arab Banking Corporation), the leading international banking Group in the MENA region, has announced the opening of a branch in Singapore. This comes as part of the Bank’s plan to expand its international network, which already spans 16 countries in five continents.
Bank ABC has had a representative office in Singapore since 1982. With the realignment of its business strategy two years ago, it decided to upgrade the office into a full-fledged branch. The Monetary Authority of Singapore in early November granted the Bank ABC a license to operate a wholesale-bank branch in the country.
Bank ABC held a reception in Singapore on 10 November to mark the new branch opening. The Event was attended by the Bank’s clients and counterparties in the country.
Dr. Khaled Kawan, Group CEO of Bank ABC, explained that, “Opening a branch in Singapore reflects our commitment to customers in Singapore and Asia. Singapore is an important financial centre, and our branch there will put us in a better and closer position to serve our clients and satisfy their financial needs.”
He added, “Expanding our Asia business also reflects our growth strategy and our vision to become MENA’s leading international bank by establishing a truly global footprint across MENA, Europe, the Americas and Asia and supporting the trade flow among these regions.”
Earlier this year, Bank ABC also opened a branch in the Dubai International Financial Centre.
Mr. Patrick Tan has been appointed General Manager of Bank ABC’s Singapore Branch and Head of Asia. In this role, he will have the overall responsibility of leading the Bank’s business in Singapore and East Asia across all wholesale banking, treasury and financial markets products, working closely with the other product lines and geography teams in the Bank ABC Group.
He has more than 20 years of regional banking experience at senior levels with international banks. He has covered the Asia Pacific region, with key focus on corporate and investment banking with large conglomerates and multinational companies. He has worked as Head of Corporate Banking for Singapore and South East Asia in three international banks, acquired broad experience in team management development, business development, credit and risk monitoring, portfolio management and debt restructuring.
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.