The inauguration of the Beijing representative office was done by Vice chairman Hesham Abdulla Qassim in the presence of chief executive Rick Pudner, board director Mohammed Al Shehi, and Emirates NDB China Representative James Wu.
Al Qassim said in a statement that "over the last decade, China has emerged as one of the Gulf’s most important trade partners, both as a leading energy importer and as the world’s largest exporter. Indeed, the Chinese business base in the UAE has witnessed considerable expansion, giving rise to a sizeable Chinese business and resident community.
We believe this is the opportune time to expand our banking operations into China, and create a liaison point to support businesses operating in these two key markets."
Recent studies have estimated that trade between the UAE and China has increased 35% annually during the last decade. Both China’s exports to the UAE and its petroleum imports from the country are set to grow further over the next few years, making China one of UAE’s top three trade partners.
Al Qassim also highlighted the significance of Beijing as the launch location for Emirates NBD in China: "China has been leading global economic growth for more than a decade. As the nation’s capital, the home of central government, and headquarters for the state owned financial services and business sectors, Beijing is unquestionably the appropriate location for Emirates NBD to establish its footprint in this dynamic, internationally leading country.
Pudner added:"Growing trade between the GCC states and China has underlined the need for efficient and speedy cross-border financial services, and we are committed to developing and supporting businesses both in China and our home region by leveraging our links in all the markets in which we operate."
Wu stated that the Beijing representative office’s initial offering will include market research and liaison services and will work with customers across both regions to provide all the necessary support. The office will also work closely with the Singapore branch covering the Asia pacific region to capture the significant Intra – Asian trade and investment flows.
Emirates NBD had a market capitalisation of $4.5bn as at September 3, 2012, and a market share of 17% in overall assets and 19% in loans. Across the GCC it is ranked the second-largest bank in terms of assets and the third-largest in terms of loans.
