Italian banking giant UBI Banca has opened a new regional headquarters in Dubai.
The firm has expanded its representative office in the region in addition to similar openings in New York and Casablanca, making it the third major office to be inaugurated by the group in around six months.
The move has been in a bid to increase its’ an international presence to support the business of its corporate clients. Approximately 600 Italian firms are said to be already active in the UAE – in comparison to around 200 from five years ago – making the UAE a major market for Italian exports to the Arab world.
Andrea Moltrasio, chairman of the supervisory board at UBI Banca, said: “As representatives of the second largest manufacturing economy in Europe, we welcome the interest shown by countries like the UAE involved in a number of major projects, able to benefit from contributions from the international economy.
“Our group has its roots in some of the most dynamic economic areas in Italy and acts as a partner for the international growth of companies that form the manufacturing backbone of those areas.”
UBI Banca is the third largest commercial banking group in Italy by stock market capitalisation, with a market share of more than 5%, 1,560 branches located mainly in the wealthiest regions of the country and more than 17,500 employees. UBI Banca is a banking Group listed on the Milan stock exchange and included in the FTSE/MIB index.
The representative office in Dubai adds to the UBI Banca Group’s already existing international presence and it is now directly active in China (Hong Kong and Shanghai), India (Mumbai), Brazil (San Paolo), Russia (Moscow), USA (New York) and Morocco (Casablanca). The Group also operates through its subsidiary, UBI Banca International, as well as through a broad network of correspondent banks present throughout the world.