UAE’s Union National Bank opens Shanghai branch

The Shanghai World Financial Center. (Reuters)

Union National Bank (UNB), 50 percent owned by the Abu Dhabi government, has begun operations at its branch in Shanghai, becoming the first bank from the UAE to operate a branch in mainland China, the bank said on Tuesday.

The Shanghai presence will provide corporate banking services to UAE companies and trade finance to Sino-Middle East counterparties.

UNB said it was also seeking to cash in on opportunities arising out of China’s “One Belt One Road” initiative, which aims to build a new Silk Road linking Asia, Africa and Europe by investing billions of dollars in infrastructure including railways, ports and power grids.

UNB opened a representative office in China in 2008, the first bank from the UAE to do so.

Last Update: Wednesday, 20 May 2020 KSA 09:49 - GMT 06:49