Two largest banks of the United Arab Emirates (UAE) do not only expand to China, but they also embrace the growing number of Chinese enterprises in the Gulf state.
The UAE's second largest lender National Bank Abu Dhabi (NBAD) hit the news last week, when it announced on June 1 that it had opened its first representative office in China, in the business metropolis of Shanghai. It is the second NBAD branch after the bank opened the first office in Hong Kong in 2009.
Both branches have the mission to conduct trade financing for firms from the UAE and China. Bilateral trade between the two countries hit a whopping 35.1 billion U.S. dollars in 2011, representing an annual growth of 35 percent in the last decade, data compiled by the UAE Ministry of Trade revealed.
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