Jordan’s Arab Bank Group, announced that is has gained licence to open its first branch in Shanghai, China, reported Reuters.
Nemeh Sabbagh, CEO of Arab Bank said that the move would allow the bank, to expand financing to Chinese businesses with projects in the Middle East as well as expand in Asian markets.
“We want to accelerate the expansion of our banking network in a market that is witnessing fast growth,” added Sabbagh.
The bank operates in 30 countries on five continents and owns 40 per cent of Saudi Arabia’s Arab National Bank.
