Emirates NBD opens office in Jakarta
Dubai, November 21, 2013
Emirates NBD, a leading bank in the region, has opened its representative office in the Indonesian capital, Jakarta.
The office was inaugurated by Shayne Nelson, Group chief executive officer, Emirates NBD in the presence of local business leaders and dignitaries.
Through the new office, Emirates NBD aims to tap potential opportunities in syndications, corporate financing and trade transactions in the Indonesian corporate and financial sector across the country.
“Having consolidated its position as a leading bank in the region, Emirates NBD is focusing on enhancing its presence in target markets outside the UAE,” said Hesham Abdulla Al Qassim vice-chairman, Emirates NBD.
“We are keenly interested in Indonesia, which is a prime target market with strong economic growth fundamentals. The opening of the new representative office in Jakarta will help us gain a foothold in the Indonesian market.”
Recent projections state that Indonesia could successfully maintain a growth rate of 5.6 per cent this year – an accomplishment that will continue to attract foreign investors.
Al Qassim asserted that the UAE has always had very strong relations with Indonesia, resulting in the volume of trade exchange between the two countries touching $3.2 billion in 2012.
Emirates NBD’s new representative office in Jakarta is part of the bank’s strategy to grow its asset base outside its domestic market to 20 per cent of total assets, with focus on Asia Pacific also, and this follows from the opening of a branch in Singapore and a Representative office in Beijing.
The move also follows closely from the announcement of the bank’s robust financial results for the first nine months of 2013, to register double digit growth in total income, operating profit and net profit compared to the same period in 2012. Profitability has been underpinned by a strong 13 per cent increase in revenue as growth momentum, particularly in retail and Islamic franchises, continued to gather pace.
“We have once again delivered strong financial results, a testament to our ability to take advantage of the improving economic situation in the UAE. The results also reflect the relentless and successful execution of our strategic agenda,” said Nelson.
“The new representative office in Indonesia is an important milestone in Emirates NBD’s growth strategy, and will enable Emirates NBD to become one of the largest banks from the GCC to have a presence in Indonesia.”
“Growing trade between the GCC states and Indonesia has underlined the need for efficient and speedy cross-border financial services, and Emirates NBD is committed to developing and supporting businesses both in Indonesia and the GCC by leveraging our links in all the markets in which we operate,” said Bambang Udaya, the newly appointed chief representative for the Jakarta office.
“The new office will enable us to become the bank of choice for Indonesian banks and corporates having business interests in the Middle East, as we are the only bank with a presence in UAE, Saudi Arabia and Qatar.”
Emirates NBD’s new representative office will primarily serve as a liaison point to facilitate and better serve the bank's clients in their business activities in Indonesia and will also enable the bank to learn more about the Indonesian market. – TradeArabia News Service