Arab Bank
Amman-based Arab Bank opened its first representative office in Beijing in 1985, long before most lenders had even considered committing time and resources to the People’s Republic of China, and followed up with a second rep office in Shanghai in 1996. In the years that followed, Arab Bank steadily built up its regional presence. Chief executive Nemeh Sabbagh oversaw the process as Arab Bank extended its reach to South Korea and Singapore, enabling it to keep in touch with Asian companies and with Jordanian firms operating across the region.
Next up, in late 2019, following approval from the China Banking and Insurance Regulatory Commission, comes an eagerly awaited upgrade of its Shanghai office to a fully fledged branch. Asia as a whole, and China in particular, are integral to the global aspirations of a lender that boasts 600 branches across five continents, and which reported a 54% year-on-year jump in net profit to $821 million in 2018 – impressive figures, considering the civil war that continues to rage on the other side of the country’s border with Syria.
Arab Bank’s ArabiConnect platform, an online platform for companies that brings together all of its corporate banking services in one place, including cash management and trade finance, is a big step forward for the lender. It allows its clients, whether they are operating locally, or anywhere in Asia, to manage all of their accounts, payments and trade finance transactions in a single location, accessible from anywhere.