Arab Banking Corp, the Bahrain-based banking group which has had a representative office in Singapore since 1982, has upgraded that outpost to a full-fledged branch, in response, the company said, to the growing needs of its customers in the region.
The upgrade followed a revamping of its business strategy in 2015, it said, and the decision of the Monetary Authority of Singapore earlier this month to grant the firm a licence to operate a wholesale-bank branch.
The upgrade also came as the bank, which also calls itself Bank ABC, is carrying out its stated plans to expand its international network, which currently consists of a presence in 16 countries on five continents.
Earlier this year, the bank opened a branch in the Dubai International Financial Centre.
Noting that Singapore was “important financial centre”, ABC group chief executive Khaled Kawan said that the upgraded branch there would “put us in a better and closer position to serve our clients and satisfy their financial needs”.
Bank ABC said it had named Patrick Tan general manager of its Singapore branch, and head of its Asia operations, giving him overall responsibility for overseeing the bank’s business in the region across all of its wholesale banking, treasury and financial markets operations.
Tan comes to ABC with more than 20 years of regional banking experience at senior levels with international banks, including, most recently, Credit Agricole and BNP Paribas.