BBVA SA is preparing to expand its presence in Abu Dhabi as it seeks to grow its corporate and investment banking business in the region.
Spain’s second-largest lender aims to transform its current representative office in the emirate into a fully-fledged banking branch for its CIB unit, people with knowledge of the plans said. A spokesperson for the lender declined to comment.
Abu Dhabi has emerged as a magnet for the world’s wealthiest people over the past few years. The city is already home to 75 centi-millionaires, according to the consultancy Henley & Partners, which projected Abu Dhabi will see that population of individuals more than double over the next 10 years.
BBVA has been hiring to expand its corporate and investment banking business in the US and the UK in recent months. It also boosted the unit earlier this year by adding technology-focused businesses from other parts of the bank.
The corporate and investment banking unit lender, contributes about 25% to overall profit of BBVA, whose full name is Banco Bilbao Vizcaya Argentaria. The unit reported €2.78 billion ($3.2 billion) in net income for last year, 24% higher than in 2023.
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