UNB mak­ing ef­forts to move into GCC re­gion

The Pak Banker - - Company& -

ABU DHABI: Union Na­tional Bank ( UNB) will make 'big ef­forts' to es­tab­lish a pres­ence in the wider GCC area, with a par­tic­u­lar fo­cus on Qatar and Saudi Ara­bia af­ter putting ex­pan­sion plans on hold dur­ing the eco­nomic down­turn, the bank's CEO told Ara­bian Busi­ness. In 2006, the Abu Dhabi based lender ex­panded its op­er­a­tions into Egypt through its ac­qui­si­tion of the Alexan­dria Com­mer­cial and Mar­itime Bank (now known as the Union Na­tional Bank Egypt).

"In the GCC, I think there is good po­ten­tial, par­tic­u­larly if you talk about Qatar, Saudi Ara­bia and to a cer­tain ex­tent, Kuwait. We're try­ing to es­tab­lish a pres­ence there, we have a pres­ence in Qatar, but in the other GCC coun­tries, we're mak­ing some big ef­forts to es­tab­lish a pres­ence," Mo­hammed Ab­deen said. We are not talk­ing about emerg­ing mar­kets as our size does not help us grow in all these mar­kets, " he added. -PB News

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