On December 8 2015 South Korea’s Shinhan Bank opened an office Dubai’s International Financial Centre (DIFC) in the UAE.
The opening of the new branch is said to be in line with the company’s objective of expanding into new markets including Philippines and Indonesia. Shinhan Bank’s Dubai office is the 98th
branch of the bank worldwide, and through its presence in the DIFC the bank is hoping to provide a variety of financial services to businesses in the UAE and the Middle East.
According to the DIFC, the UAE is currently home to 350 Korean corporations and 10,000 Korean residents.
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 under way, the required infrastructure alone will serve as a boon for project finance, while the increasing population in Dubai and the wider UAE will generate organic growth opportunities across a range of sectors”.
Source: Mary Swire Lowtax.net 14 December 2015
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