BBVA to open its first Representative Office in the Middle East
BBVA has obtained authorization from the Central Bank of UAE to open a Representative Office in Abu Dhabi to provide support for the bank’s large customers and institutional clients. The new office to be located on the 23/F, Tower 1, Sowwah Square, marks BBVA’s first entry into the Middle East and will mainly provide support for the global markets business.
The opening of the Abu Dhabi Representative Office in the UAE is further evidence of BBVA’s long term commitment to the Asia region. The new office forms part of the bank’s strategy to expand in markets offering the highest growth potential.
The Representative Office in Abu Dhabi, managed by Pasha D’Silva, head of BBVA’s operations in the Middle East, will allow Middle East sovereign funds, institutional clients and large corporate customers to profit from BBVA’s strength in Asia, Europe and Latin America. This will further contribute to the development of the region and will allow lasting and fruitful ties to be forged with local customers.
“BBVA is here to demonstrate a long-term commitment to the UAE and the Middle East region as a whole. Building solid, mutually rewarding and successful relationships over the coming years with local clients is one of our main goals in the UAE”, explains Gonzalo Toraño, head of BBVA for the region of Asia, which includes the Middle East.
BBVA’s presence in Asia
BBVA will increase its presence in the Middle East, where it has already performed numerous operations, mainly through its offices in London, Madrid and Hong Kong.
The new Representative Office in Abu Dhabi is a further step in BBVA’s global strategy. It will contribute to the bank’s expansion in Asia and create synergies with the rest of the group in this region and in Europe and Latin America. It will be located in an area of high strategic interest and complement the rest of the bank’s offices in the Asia-Pacific region.
BBVA has four Representative Offices in the area (Beijing, Shanghai, Mumbai and Sydney) and branches in Seoul, Taipei, Hong Kong, Singapore and Tokyo. It also has a strategic agreement in place with China CITIC Bank (CNCB) on mainland China (15% stake) and another with CITIC International Financial Holdings in Hong Kong (30% stake). This makes BBVA the only European bank with a leading position in Latin America and full operating capacity in Asia-Pacific, which is now building a presence in the Middle East.
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