DUBAI: The United Arab Emirates largest bank, Emirates NBD, is expanding eastward with the inauguration of an office in China's capital, Beijing, the company announced. “As the nation's capital, home of central government and headquarters for the state-owned financial services and business sectors, Beijing is unquestionably the appropriate location for Emirates NBD to establish its footprint in this dynamic, internationally leading country,” said ENBD vice chairman Hesham Abdulla Al Qassim in a statement to the media. As the UAE economy benefits from rising oil prices and political stability in a not-so-stable region, lenders from the Gulf state are increasingly looking abroad for more opportunities, he argued. National Bank of Abu Dhabi or NBAD, the largest lender in the oil-rich sheikhdom, launched operations in Malaysia in July this year, expanding its global network to 14 countries. “Southeast Asia is one of the fastest growing regions of the world with a strong commercial link to the UAE,” said Qamber Ali Al Mulla, senior general manager of International Banking Division of NBAD. Last week, NBAD said it had applied for an Islamic banking license from the Malaysian central bank in Kuala Lumpur.
