Abu Dhabi: Abu Dhabi Commercial Bank (ADCB) and Kookmin Bank (KB), South Korea’s largest bank by asset value and market capitalization, today signed a partnership agreement to provide integrated comprehensive financing solutions for clients of both Banks and for enhancement of trade flows between the institutions. The Memorandum of Understanding (MoU) aims to help supporting and financing the significant growing trade flows of capital and goods between the two countries, and underscores the importance of the UAE as a trade partner for South Korea.
This productive partnership represents a compelling alliance between two strong institutions and demonstrates ADCB’s commitment to the UAE and South Korean markets. As a part of the MoU, Kookmin Bank and ADCB will be able to foster a strategic partnership to provide greater services to South Korean exporters and investors in the UAE and pave the way for greater mutual collaboration in enhancing inter-linkages between the two countries.
Commenting on the agreement, Ala’a Eraiqat, Chief Executive Officer, ADCB, said: “The partnership with Kookmin Bank marks only the beginning of our long term partnership together. ADCB is delighted with this collaboration and is looking forward to providing comprehensive financing support to both UAE and Korean companies who trade between two countries. South Korean firms have played a vital role in the progress of the UAE economy, benefiting both countries considerably. ADCB is committed to the development of the Abu Dhabi economy and the UAE overall. Through this initiative we want to play an even greater role in bringing together domestic and international companies.”
The MoU will enable clients of both banks to benefit from two very strong financially liquid banks with large balance sheets who have invested heavily in their trade business. Each bank has deep expertise and knowledge in trade finance and is highly connected in its market and is well recognised by both corporate and government communities.
Mr. Chan-Keun Lee, Senior Executive Vice President Of Corporate ‘&’ Investment Banking Group at Kookmin Bank said: “I am very pleased to sign this MoU during our visit to the UAE. With banks in the Middle East emerging as important sources of financing for large projects, we recognize that there is an increasing need for stronger collaboration with strong financial institutions in the region. In this regards, I am confident that the MoU signed today will open a new frontier for future collaboration and accelerate cooperation between Kookmin and ADCB.” Colin Fraser, Executive Vice President and Head of Wholesale Banking Group at ADCB said: “This is an exciting alliance which will help companies in both countries trade together through the provision of combined expertise, financial strength and connectivity in the market.
ADCB and Kookmin Bank are uniquely well placed to support trade and investment between the UAE and South Korea. ADCB has invested heavily in its capabilities in trade finance and corporate banking and is keen to help international companies grow in the UAE market. We greatly look forward to working with Kookmin Bank to support major projects and trade business for our respective clients.