July 17, 2018 / 3:46 PM / a month ago

Jordan's Arab Bank gains licence to open branch in China

AMMAN, July 17 (Reuters) - Jordan’s largest lender, Arab Bank Group, has gained Chinese regulatory approval to open its first branch in China as part of a push to expand in Asian markets, it said on Tuesday.

CEO Nemeh Sabbagh said the move would allow the bank, one of the Middle East’s major financial institutions, to expand financing to Chinese businesses with projects in the Middle East and boost investment ties between the regions.

“We want to accelerate the expansion of our banking network in a market that is witnessing fast growth,” Sabbagh said.

Arab Bank did not say when it expects to open its first branch in Shanghai.

The bank, which has about $35 billion in deposits, operates in 30 countries on five continents and owns 40 percent of Saudi Arabia’s Arab National Bank.

Reporting by Suleiman Al-Khalidi Editing by David Goodman

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