UniCredit opens branch in UAE

Banking Frontiers - - News Banking In The Gulf -

Italy’s lead­ing bank UniCredit has opened a cor­po­rate and in­vest­ment bank­ing branch in the UAE. Abu Dhabi’s wealth fund Aabar has a stake in the Ital­ian bank. The bank plans to pro­vide fi­nan­cial ser­vices to busi­nesses be­tween the re­gion and Europe and the wider Mid­dle East from its base in Abu Dhabi Global Mar­ket (ADGM). It will not, how­ever, be cater­ing to in­di­vid­ual clients. Jean Pierre Mustier, UniCredit CEO, said the GCC rep­re­sents an im­por­tant desti­na­tion for UniCredit’s clients, with more than 1000 Euro­pean or­ga­ni­za­tions al­ready es­tab­lished in the mar­ket, op­er­at­ing in in­dus­tries crit­i­cal to the GCC’s devel­op­ment such as trad­ing, man­u­fac­tur­ing, con­struc­tion, util­i­ties and oil and gas. He added that the bank’s ‘One Bank’, ‘One UniCredit’ vi­sion for a sim­ple, suc­cess­ful pan-Euro­pean com­mer­cial bank with a fully plugged-in CIB de­liv­er­ing a unique western, cen­tral and east­ern Euro­pean net­work has also a lot to of­fer to the cus­tomers. The bank will ini­tially fo­cus on trans­ac­tion bank­ing and fi­nanc­ing, mostly in eu­ros and US dol­lars. The com­mer­cial lend­ing will cen­ter on work­ing cap­i­tal and term loans, com­mod­ity trade fi­nance and struc­tured loans.

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