UAE’s largest lender FAB to open representative office in Iraq

UAE’s First Abu Dhabi Bank (FAB) will open a representative office in Iraq as the largest lender of the Gulf country rolls out its expansion plan.
“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 bank said in a statement posted on Twitter.
“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,” Hana Al Rostamani, group CEO of FAB also said.
The office, Gulf Business reports, will primarily service sovereign and government related entities, financial institutions and Iraqi institutional clients in addition to clients with business interests in Iraq.
UAE is one of Iraq’s most important trading partners, with the value of exporting goods totaling over $13.11bn in 2020.
The office will equally strengthen the bank’s extensive client service model and support trade across key MENA and international markets, Gulf Business notes.