Arab Bank gains approval to open branch in China

Jordan’s Arab Bank has gained the China Banking and Insurance Regulatory Commission (CBIRC) approval to upgrade its representative office in Shanghai into a branch, as part of a push to expand in the Chinese market, the bank said on Tuesday.

The bank’s CEO Nemeh Sabbagh said: “The Chinese economy is the second largest economy in the world and is continuously developing and opening up to global economies. Chinese companies operate in various vital sectors across the world, including the Middle East and North Africa (MENA) region, where it’s considered a leading bank.”

Through reinforcing its regional and global banking network growth, the bank seeks to continue to provide banking and financing solutions to companies from the region wishing to reach regional and global markets, including promising Asian markets, as well as meeting the needs of global companies operating in the region, including the Chinese.

The Arab Bank operates in 30 countries on five continents.

Source: Jordan News Agency