United Arab Bank (UAB), a Commercial Bank affiliate, has set up a dedicated desk to support Turkish businesses in the UAE, in a quest to become the preferred local bank for the Turkish business community in the emirate. The mutual relationship will also support UAE businesses when trading in the Turkish market.
UAB said it continuously strives to offer customers clear, compelling reasons to choose UAB as their bank of choice. Through the strategic alliance formed between Alternatifbank in Turkey and Commercial Bank, a major stakeholder in both UAB and Alternatifbank, the bank will be able to serve the needs of UAE clients in Turkey in areas including investment banking, corporate banking, trade finance and mortgage financing. Furthermore, UAB will serve the banking needs of Turkish customers and companies doing business in the UAE.
Through this alliance UAB aims to tap into the ever-growing Turkish commercial banking market in the UAE and a potential retail customer base of approximately some 20,000 Turkish expatriates, representing mainly white collar professionals benefiting from a higher income level.
Commenting on the launch of its Turkish desk, Howard Kitson, UAB executive vice president (wholesale and international banking) said, “Our desire is to become the preferred corporate banking for companies who wish to do business with Turkey. We are happy to open a representative desk as Turkey is a rapidly growing economy, representing tremendous opportunities for us.
“The UAE is a central country within the region and relations are growing between the two countries. This coupled with the fact that the UAE is a window to reach the Asian, African and Arab markets, while Turkey is a window to reach the eastern and western countries in Europe, means that UAB and Alternatifbank will benefit from the significant business arising from the Turkey-UAE trade corridor.”
Turkish Business Council for Dubai and Northern Emirates president Hakan Bahceci said, “We are extremely pleased to learn about UAB’s initiative to form a desk dedicated to Turkish business. The alliance with Alternatifbank in Turkey shows UAB’s commitment to supporting businesses that are active in trade and investment between Turkey and the UAE. The alliance and the dedicated desk provide UAB the knowledge and capability to support Turkish businesses in the UAE as well as the local and international companies based in the UAE and wishing to do business in Turkey.”
Total trade volume between the two countries is currently estimated to be $11.8bn. A sustained and rapid growth over recent years has shown Turkish imports from the UAE increasing by 118% in the last two years and similarly Turkish exports to the UAE have grown by 120% in the same period, demonstrating the positive partnerships between both nations.
