Central player for trade and investment flows
Bank ABC continues to lead as an international banking powerhouse in the Middle East
Harnessing the power of a global network that spans 18 countries in five continents, Bank ABC (incorporated in the Kingdom of Bahrain as Arab Banking Corporation B.S.C.) continues to build upon its legacy as a banking pioneer, linking the Middle East and North Africa (MENA) with major financial markets across the globe.
Headquartered in the Kingdom of Bahrain, it plays a key role in helping clients discover and seize global opportunities, strengthening trade flows to and from MENA.
Bank ABC opened its branch in DIFC earlier this year, adding another strategic location to its expanding network. The new branch, which is licenced by the Dubai Financial Services Authority, advises, arranges and markets wholesale banking and treasury products and services on behalf of the Bank ABC Group.
On the occasion of the branch launch reception, held on September 17 this year, Dr. Khaled Kawan, Group Chief Executive Officer of Bank ABC, said: “Opening the DIFC branch is an important milestone for Bank ABC. It deepens our long time commitment to our customers in the UAE and the region. Dubai is a major hub for trade and investment. Our physical presence in the UAE will put us in even a closer position to serve our clients.”
The branch is headed by Allan Sword, Senior Executive Officer, who has the overall responsibility of leading Bank ABC’s UAE strategy across all wholesale banking and treasury and financial markets products, working closely with the other product lines and geography teams in the Bank ABC Group. He has previously worked in the DIFC and Dubai with leading international financial institutions, in addition to liaising with the ABC Group in various responsibilities.
“The UAE will play an increasingly important role in the Group strategy as it represents an important regional hub for inbound and outbound MENA trade and investment flows. As one of the first Bahrain-based banks to be present in DIFC, Bank ABC’s stakeholders have responded positively to the development,” said Sword.
After adopting a new strategic direction and revamping its corporate identity in 2015, the Bank has shown consistent performance and commitment to growing its banking franchise, seeking growth opportunities to add to its primary markets and to enhance its operating model, with greater vigour and enthusiasm.
Bank ABC’s rapid expansion, through a combination of organic growth and strategic acquisitions, has created a financial institution with experience in structuring complex cross border deals through a range of products and sectors, with the agility necessary to execute them successfully.
The Bank’s products and services, including both conventional and Shariahcompliant solutions, total billions of dollars each year and impact emerging economies in the region in a major way, contributing to key economic development projects.
Bank ABC’s highly skilled human capital and a deep knowledge of local markets, has established it as one of the region’s leading banks in syndications, debt capital markets trade finance and project finance with a number of landmark deals and issuances.
Over the past three decades, Bank ABC has played a significant role in the Gulf region’s oil and gas industry and continues to support major projects in this sector. It has also been pivotal in supporting high growth telecoms industries, both in the Gulf and North Africa. Its clients include top tier companies, government agencies, central banks, other financial institutions and major players in industries such as petrochemicals, aviation and shipping.
In addition to its treasury, corporate and international banking businesses, Bank ABC has a sophisticated and growing network of retail branches covering Algeria, Egypt, Jordan and Tunisia, in addition to a Shariah-compliant banking units in Bahrain (through Bank ABC Islamic) and the U.K. Its subsidiary, Arab Financial Services (AFS) is one of the Middle East’s leading provider of electronic payments and consumer finance outsourcing services and is leading the FinTech revolution in the region.
It is also the first MENA bank to join the R3 consortium. Through this, ABC collaborates with over 80 of the world’s biggest financial institutions in spearheading research and development of blockchain– inspired distributed ledger technologies (DLT) to build the next generation of financial services infrastructure.
Established in 1980, Bank ABC has firmly put its stamp on the Middle East’s banking industry. Until then, the region was dominated by banks from mature economies and international financial centres such as Tokyo, London and New York. In this relatively short period, Bank ABC has grown into one of MENA’s largest and most influential banking groups, with a 2,800-strong employee base and a geographical footprint that touches Europe, North America, South America, Asia and Africa.