Dubai International Financial Centre (DIFC) on Tuesday welcomed one of South Korea’s leading banks, Shinhan Bank, to its diverse portfolio of clients.
The launch of Shinhan Bank’s Dubai office, which is its 98th branch worldwide, is in line with the company’s expansion to global markets including the Phillipines and Indonesia. Through its presence in DIFC, Shinhan Bank will provide a variety of financial services to businesses in the UAE and across the Middle East.
The opening ceremony was attended by Hae-Ryong Kwon, ambassador of Korea to the UAE; Cho Yong-byung, president and chief executive officer (CEO) of Shinhan Bank; and Arif Amiri, CEO of DIFC Authority, amongst other dignitaries.
Welcoming the delegation, Arif Amiri said the opening of Shinhan Bank in DIFC marks a significant milestone in the growth and diversification of the centre.
“We are confident Shinhan Bank will achieve great success from its new base in the region.”
Strong bilateral ties between the UAE and South Korea have been established since 1980, with significant focus on trade and investment. The United Arab Emirates is currently home to 350 Korean corporations and 10,000 Korean residents.
For his part, Cho Yong-byung, President and Chief Executive Officer of Shinhan Bank, commented: “Dubai continues to serve as a gateway for global business and investment into the region. With several international projects underway, the required infrastructure alone will serve as a boon for project finance, while the increasing population of Dubai and the wider UAE will generate organic growth opportunities across a range of sectors.”
“Shinhan Bank looks forward to bringing its customer-oriented spirit to the Middle East by offering comprehensive financial solutions that mutually benefit our customers across the region and the wider financial community”, he continued.
With the addition of DIFC, Shinhan Bank now operates in 19 countries and is expected to increase its presence to 140 branches by the end of the year, following its recent acquisition of CNB (Centratama Nasional Bank) in Indonesia.
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About Dubai International Financial Centre
The Dubai International Financial Centre (DIFC) is the financial hub for the Middle East, Africa and South Asia, providing a world-class platform connecting the region’s markets with the economies of Europe, Asia and the Americas. It also facilitates the growth in South-South trade and investment. An onshore, international financial centre, DIFC provides a stable, mature and secure base for financial institutions to develop their wholesale businesses.
The Centre offers all the elements found in the world’s most successful financial industry ecosystems, including an independent regulator, an independent judicial system with a common-law framework, a global financial exchange, inspiring architecture, powerful, enabling support services and a vibrant business community. The infrastructure within the district features ultra-modern office space, retail outlets, cafes and restaurants, art galleries, residential apartments, public green areas and hotels.
Located midway between the global financial centres of New York, London in the West and Singapore, Hong Kong in the East, DIFC (GMT +4) fills a vital time-zone gap with a workday that bridges the market and business hours of financial centres in both Asia and North America.
Currently, more than 1,327 active registered companies operate from the Centre, including 21 of the world’s top 25 banks, 11 of the world’s top 20 money managers, 7 of the top 10 insurance companies, and 9 of the top 10 law firms. 18,521 people work in the Centre.
DIFC continues to pursue expansion into new services and sectors within the Middle East, Africa and South Asia region, an area comprising over 72 countries with an approximate population of 3.0 billion and nominal GDP of US$7.9 trillion.