Rabail Abbas (December 10, 2013)
After forming a strategic alliance with Alternatifbank in Turkey and Commercial Bank of Qatar, UAB will now be supporting UAE clients in Turkey with respect to investment banking, corporate banking, trade finance and mortgage financing. Likewise, Turkish customers and companies trading in the UAE would also be able to avail banking assistance from UAB.
Mr. Hakan Bahceci, the president of the Turkish Business Council, Dubai & Northern Emirates, said: “The alliance with Alternatifbank in Turkey shows UAB’s commitment to supporting businesses that are active in trade and investment between Turkey and the UAE. The alliance and the dedicated desk provide UAB the knowledge and capability to support Turkish businesses in the UAE as well as the local and international companies based in the UAE and wishing to do business in Turkey.”
In the last two years, Turkish imports and exports to the UAE have increased by 118% and 120% respectively. While these numbers strongly signify the prevalence of positive partnerships between both nations, UAB is trying to make the most of the expanding Turkish commercial banking market in the UAE and a potential retail customer base of approximately 20,000 Turkish expats that majorly comprise of white collar professionals with higher income level.
While expressing his views about the launch of Turkish desk, Howard Kitson, Executive Vice President – Wholesale and International Banking, United Arab Bank, said: “Our desire is to become the preferred corporate banking for companies who wish to do business with Turkey. We are happy to open a representative desk as Turkey is a rapidly growing economy, representing tremendous opportunities for us. The UAE is a central country within the region and relations are growing between the two countries. This coupled with the fact that the UAE is a window to reach the Asian, African and Arab markets, while Turkey is a window to reach the eastern and western countries in Europe, means that UAB and Alternatifbank will benefit from the significant business arising from the Turkey-UAE trade corridor.”
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