Korea Exchange Bank CEO Yun Yong-ro (fifth from left) poses with UAE Central Bank Assistant Gov. Saeed Abdullah Al Hamiz (sixth from left) and Korean Ambassador to the UAE Kwon Tae-kyun (third from right) at an event to celebrate the opening of the commercial bank’s first UAE branch in Abu Dhabi over the weekend. (KEB)
Korea Exchange Bank opened a branch in Abu Dhabi, UAE, last week, the first time a Korean financial firm has done so in the Middle Eastern city.
The bank said in a statement that the Abu Dhabi branch was an extension of the overseas marketing plans of KEB president and CEO Yun Yong-ro.
“KEB Abu Dhabi is expected to play a key role in developing the economy of the UAE and supporting Korean companies to advance into countries with great potential such as (those in) Africa,” said Yun during a speech at the branch’s opening ceremony last Friday.
The bank now has 52 overseas business networks in 22 countries. With its Bahrain branch and Dubai office, KEB now has Korea’s largest financial network in the Middle East.
KEB said that the UAE, the world’s seventh-largest producer of oil, is more open to international business and politically stable than other Middle Eastern countries, and therefore is expected to become Korea’s major business, political and cultural partner in the future.
Industry watchers believe that its new Abu Dhabi branch will help Korean companies’ operations and enable them to cut costs, as an increasing number of Korean firms have established their Middle Eastern headquarters in the UAE.
Many Korean firms entering the region to take part in the Abu Dhabi Nuclear Plant deal will be able to benefit from the branch as well, KEB said.
By Chung Joo-won (
joowonc@heraldcorp.com)
