United Arab Emirates: Banking sector assets now > GDP; new subsidiary in Hong Kong

UAE Banking Sector Assets Outgrow GDP

“The UAE banking sector, the largest in the Arab world, has assets 1.3 times that of the country’s gross national product, or GDP, and boasts a capital adequacy ratio far exceeding the required level, Chairman of the UAE Banks Federation said on Thursday.”

The United Arab Emirates was ranked 18th on the 2011 Financial Secrecy Index; it will be interesting to see how it scores on the upcoming 2013 edition. In related news, its banking sector is also strengthening its links with Hong Kong (ranked 4th on the 2011 Financial Secrecy Index):

“National Bank of Fujairah (NBF) is looking to tap into increasing trade flows between Asia and the UAE, with the establishment of its first overseas subsidiary in Hong Kong.”

“The bank yesterday announced the establishment of NBF Trade Services (HKG), in conjunction with Wells Fargo, following the signing of an initial agreement between the two institutions last October.”

“The Hong Kong subsidiary is a significant step towards raising our international profile and establishing us across strategic global trading links, said Vince Cook, NBF’s chief executive. “Our Hong Kong subsidiary comes at a time when cross-border flows between the UAE and China are expanding at a rapid pace, making it the perfect platform to springboard our clients into the thick of the action.””

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