ABN Amro looks to increase presence in GCC

Tuesday, October 31, 2017 6:42:39 am

The bank will focus on a number of key sectors in the region

Dutch bank ABN Amro hopes to expand its presence in the Middle East as it works to support clients in the natural resources, global transportation and logistics, food and retail, financial, utilities and renewables sectors, according to Hugo Peek, CEO EMEA, Corporate and Institutional Banking.

“Backed by a strong balance sheet, a strong platform of product and sector skills and our experience and expertise, we are in an excellent position to support our clients and build on relationships with our increased product suite,” he said.  “Our franchise in the Middle East is part of that story.”

At a press briefing on Wednesday, ABN Amro officials told local media that they may hire more staff as GCC governments work to diversify their economies, push for higher value added refinery and petrochemical goods, and seek to meet increased demand for power caused by industrialisation and population growth, providing opportunities for the company to expand financing to its clients.

 “We started our operations in this region here in Jeddah in 1926 and have been in the UAE uninterrupted since 1974. We aim to be a meaningful bank for our clients in the sectors we can really add value by leveraging our global franchises and expertise,” said Sebastiaan Welling, Regional Head MENA Corporate & Institutional Banking.

“On this basis we look forward to growing our presence in this exciting region step by step,” he added.

Source: http://www.arabianbusiness.com/industries/banking-finance/381031-abn-amro-looks-to-increase-presence-in-gcc