The National Bank of Abu Dhabi (NBAD), the Number One Bank in the United Arab Emirates, has agreed to cooperate with Seoul Metropolitan Government (SMG) to promote and develop Seoul International Financial Center (SIFC) into a financial hub of Northeast Asia.

As NBAD’s expansion in Asia accelerates, NBAD responded to SMG’s invitation to sign a memorandum of understanding with it, which allows both parties to aid each other with their ambitions.

NBAD will in principle support and contribute to the development of SIFC into a regional financial hub. Seoul Government would provide administrative support to NBAD’s potential expansion into South Korea.

“NBAD welcomes this partnership with Seoul Metropolitan Government and we look forward to a fruitful relationship that will mutually benefit both parties and our countries,” said Qamber Ali Al Mulla, the Senior General Manager of International Banking Division of NBAD. “The National Bank of Abu Dhabi is the UAE’s flagship international bank with a growing network that spans 15 countries. We continue to study and identify markets for expansion with particular interest in Asia and the Arab world.”

NBAD has the widest international network among all UAE banks. This year, NBAD inaugurated its Representative Office in Shanghai, China; and launched its wholly owned subsidiary National Bank of Abu Dhabi Malaysia Berhad (NBAD - Malaysia) in Kuala Lumpur.

NBAD’s international network stretches from China and Hong Kong in the Far East to Malaysia in Southeast Asia; Oman, Bahrain and Kuwait in GCC; Jordan in the Levant; Egypt, Sudan and Libya in Africa; France, Switzerland and the UK in Europe; and USA in North America.

“Given that UAE and Korea continue to expand commerce and cultural links, it is natural that we study the Korean market for entry,” said Ernest Law, the Regional Manager of NBAD-Hong Kong, who manages NBAD’s functions in Asia. “Korea is a promising market and NBAD certainly sees great opportunities and potentials.

UAE is the Arab world’s second largest market and enjoys the world’s sixth highest per capita income; South Korea is an industrialised country and the world’s 12th largest economy.

South Korea’s SIFC is a recent development in Yeoudio Island, which is located in the Han River spanning the South Korean capital city.

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