Union of Arab Banks opens representative office in Frankfurt
Dr. Fouad Shaker, Secretary General of the Union of Arab Banks (UAB) announced the opening of a representative office in Frankfurt am Main, Germany, during a press conference on April 15, 2010. This will be the first representative office of the UAB – a federation of about 400 Arab banks from 20 countries – outside the Arabian world.
By setting up a representative office in Frankfurt, the UAB aims at the strengthening of the Arabian-European cooperation in a number of fields and wants to build a bridge between the Arab and the Western world. Main objective is to encourage Arab banks to open branches in Europe. In comparison with other financial institutes, the financial crisis did not have a strong impact on Arab Banks.
Although the UAB has excellent contacts to countries like France, Italy and Belgium, the decision to open a representative office was made in favour of Frankfurt - considering the fact that the European Central Bank is located here and thus Frankfurt is recognized as the financial centre of Europe. Furthermore, this decision was promoted in light of the long-time cooperation between the UAB and Maleki Group, who will lead the representative office. The UAB will co-host two conferences a year - one in the context of the FRANKFURT BUSINESS WEEK in May and a second one within the EURO FINANCE WEEK in November 2010.