Leading South Korean Institution, Shinhan Bank, opens in Dubai International Financial CentrePress Release 08 Dec 2015 05:58 am
Dubai - UAE: 8 December, 2015 - Dubai International Financial Centre (DIFC), the global financial hub connecting businesses and institutions with emerging market opportunities across the Middle, East, Africa and South Asia, today welcomed one of South Korea's leading banks, Shinhan Bank, to its diverse portfolio of clients.
The launch of Shinhan Bank's Dubai office, which is its 98th branch worldwide, is in line with the company's expansion to global markets including the Phillipines and Indonesia. Through its presence in DIFC, Shinhan Bank will provide a variety of financial services to businesses in the UAE and across the Middle East.
The opening ceremony was attended by His Excellency Hae-Ryong Kwon, Ambassador of Republic of Korea to the UAE, Cho Yong-byung, President and Chief Executive Officer of Shinhan Bank, and Arif Amiri, Chief Executive Officer of DIFC Authority, amongst other dignitaries.
Welcoming the delegation, Arif Amiri, Chief Executive Officer, DIFC Authority said: "The opening of Shinhan Bank in DIFC marks a significant milestone in the growth and diversification of the Centre. Our world-class legal and regulatory frameworks, combined with Dubai's unrivalled connectivity, make it an ideal platform to access trade and investment across the Middle East, Africa and South Asia. We are confident Shinhan Bank will achieve great success from its new base in the region."
For his part, Cho Yong-byung, President and Chief Executive Officer of Shinhan Bank, commented: "Dubai continues to serve as a gateway for global business and investment into the region. With several international projects underway, the required infrastructure alone will serve as a boon for project finance, while the increasing population of Dubai and the wider UAE will generate organic growth opportunities across a range of sectors."
"Shinhan Bank looks forward to bringing its customer-oriented spirit to the Middle East by offering comprehensive financial solutions that mutually benefit our customers across the region and the wider financial community", he continued.
Strong bilateral ties between the UAE and South Korea have been established since 1980, with significant focus on trade and investment. The United Arab Emirates is currently home to 350 Korean corporations and 10,000 Korean residents.
With the addition of DIFC, Shinhan Bank now operates in 19 countries and is expected to increase its presence to 140 branches by the end of the year, following its recent acquisition of CNB (Centratama Nasional Bank) in Indonesia.