Thu 10-03-2022 16:49 PM
ABU DHABI, 10th March, 2022 (WAM) — First Abu Dhabi Bank (FAB) will be expanding its regional footprint with the opening of a representative office in Iraq, as part of its targeted international growth strategy to facilitate regional trade flows and continually strengthen its global client service model.
The UAE is one of Iraq’s most important trading partners, with the value of exporting goods totalling over USD 13.11 billion in 2020. As a leading regional bank, FAB’s international footprint currently covers approximately 70 per cent of Iraq’s crude export trade destinations.
The new representative office, will primarily service Sovereign and Government Related Entities (GREs), Financial Institutions and Iraqi institutional clients in addition to clients with business interests in Iraq. It will further strengthen the bank’s extensive client service model and support trade across key MENA and international markets.
Hana Al Rostamani, Group Chief Executive Officer of FAB, said: “The opening of FAB in Iraq supports our international expansion strategy and underlines our commitment to facilitate trade between the UAE and growth economies. By leveraging our strong UAE and regional core, and focusing on top-tier, identified clients, our presence will position FAB to drive opportunities in support of Iraq’s economic development, including ongoing investment required to rebuild and enhance the country’s infrastructure.”
FAB’s international network spans five continents, providing the global relationships, expertise and financial strength to support local, regional and international businesses seeking to do business at home and abroad.