United Arab Bank backs UAE-Turkey business
Sharjah, December 4, 2013
United Arab Bank (UAB) has set up a dedicated desk to support Turkish businesses in the UAE, providing access to UAE contacts and networks, in a quest to become the preferred local bank for the Turkish business community in the UAE.
The mutual relationship will also support UAE businesses when trading in Turkish market.
This alliance will bridge the gap also serving the needs of the United Arab Bank’s UAE clients through its associate bank in Turkey in areas including investment banking, corporate banking, trade finance and mortgage financing. Business opportunities will be created for the UAB sister company Alternatifbank (Abank) in Turkey.
Through this alliance UAB aims to tap into the ever growing Turkish commercial banking market in the UAE, while linking themselves with a new retail customer base of 15,000 – 20,000 expats, whom are mostly white collar professionals benefitting from a higher income level.
Howard Kitson, head of Wholesale and International Banking, UAB, said: “Our desire is to become the most preferred corporate banking choice for companies who wish to do business with turkey. We are happy to open a representative desk as Turkey is a rapidly growing economy.
“UAE is a central country within the region and there is growing relations between the two countries. UAE is a window to reach the Asian, African and Arab markets, and Turkey is a window to reach the eastern and western countries in Europe.”
Hakan Bahceci, president of the Turkish Business Council, Dubai & Northern Emirates, said: “We are extremely pleased to learn about UAB's initiatives in forming a desk dedicated to Turkish business. Recent acquisition of Alternative Bank in Turkey shows UAB’s commitment to supporting businesses that are active in trade and investment between Turkey and the UAE.
“The acquisition 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 with interest of doing business in Turkey.”
Relations are already strong with the total trade volume between the two countries currently lying at approximately $11.8 billion, a statement said.
Continual growth over recent years has shown Turkish imports from the UAE increasing by 54 per cent in the last two years and in turn Turkish exports to the UAE also having grown by 55 per cent in the same period, it added. – TradeArabia News Service