Shinhan Bank opens office in Dubai

Shinhan Bank has opened an office in Dubai, in line with its global expansion plans. In Dubai, it will provide a variety of financial services to businesses in the UAE and across the Middle East, according to its Chairman and President, Cho Yong-byung. With the addition of Dubai, Shinhan Bank now operates in 19 countries and is looking to expand its presence to 140 branches by the end of the year, following the recent purchase of Indonesia's Centratama Nasional Bank (CNB).

Dubai; Shinhan Bank, a leading South Korean Bank on Tuesday opened it branch in Dubai International Financial Centre (DIFC).

The DIFC branch is Shinhan Bank’s 98th branch worldwide. Through its presence in DIFC, the bank intends to provide a variety of financial services to businesses in the UAE and across the Middle East. “The opening of Shinhan Bank in DIFC marks a significant milestone in the growth and diversification of the Centre. We are confident Shinhan Bank will achieve great success from its new base in the region,” said Arif Amiri, Chief Executive Officer, DIFC Authority.

The opening ceremony was attended by Hae-Ryong Kwon, Ambassador of Republic of Korea to the UAE. The UAE is currently home to 350 Korean corporations and 10,000 Korean residents.

“Dubai continues to serve as a gateway for global business and investment into the region. With several international projects underway, the required infrastructure alone will serve as a boon for project finance, while the increasing population of Dubai and the wider UAE will generate organic growth opportunities across a range of sectors,” Cho Yong-byung, President and Chief Executive Officer of Shinhan Bank.

With the addition of DIFC branch, Shinhan Bank now operates in 19 countries and is expected to increase its presence to 140 branches by the end of the year, following its recent acquisition of CNB (Centratama Nasional Bank) in Indonesia.