Abu Dhabi Commercial Bank is expanding its strategic presence in Central Asia – a $1.751 trillion economy – by establishing a hub in Kazakhstan for its sophisticated Shari’ah compliant corporate banking services.

By deploying its expertise and extensive network, ADCB will support the growth ambitions of companies participating in Central Asia’s rapid economic development -- a region propelled by large-scale infrastructure projects, increasing domestic and foreign investment, abundant natural resources, and a youthful, skilled workforce.

The ADCB Group’s subsidiary in Kazakhstan, which is currently known as ‘Al Hilal Islamic Bank JSC’, will be rebranded to offer corporate financial products and services under ADCB’s Islamic Banking arm. Concurrently, ADCB will be gradually phasing out its retail banking activities in Kazakhstan, currently provided by Al Hilal Islamic Bank JSC, while providing support to its retail banking customers in transitioning into alternative banking options. This will be carried out in close collaboration with regulators.

Uniquely positioned

Ala’a Eraiqat, Chief Executive Officer of ADCB Group, said: “The strategic expansion of ADCB in Central Asia marks a pivotal moment, underscoring the bank’s commitment to growth and its capability to unlock opportunities for our corporate clients. Through a renewed presence in Kazakhstan, combined with our network in the UAE and broader Middle East region, ADCB is uniquely positioned to support companies operating along key regional economic corridors. We look forward to leveraging the Bank’s expertise and sophisticated offering to play an increasingly prominent role in facilitating trade and investment flows.”

From its hub in Kazakhstan, ADCB will provide clients with an increasing range of Shari’ah-compliant corporate banking services, including various financing structures and cash management solutions.

ADCB, which is a leading bank in the UAE, also operates a fast-growing business in Egypt and recently obtained regulatory approval to establish a strategic presence in Saudi Arabia.--TradeArabia News Service

Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).