Commercial banking is expanding to a newly opened commercial banking office in Dubai.
The Commercial Banking Division (CBD) at the Dubai Commercial Bank (DBC) is one of several banking offices in the UAE, which is a key market for the Bank of America and Chase.
Commercial banking accounts are allowed at both the DBC and the UAE National Bank (NBI), which together form the world’s largest commercial bank.
Commercial banks are allowed to open branches in the Middle East and Africa region, but the DBS has been excluded from the region, as it is not in the region.
“It’s a big step for us in the commercial banking industry to be able to open a branch in Dubai,” said DBS director of corporate communications Scott Larkin.
“The Bank of the Emirates has been the home of the world-class commercial banking sector for decades and the growth of the commercial sector is great for the UAE and for the entire region.”
The new branch is expected to open later this year and will open at the DDB building, which sits on a busy road between the Dataran Gardens and the Emirates Hotel.
Larkin said the bank had been looking to open new branches in Dubai and the DSB was a perfect fit for the bank.
“Our office is a great fit for this,” Larkin told the Business Insider UAE team.
“We have a long history of working with commercial banks in Dubai as a partner, and we feel it’s a good fit.”
The DBC has been working with the UAE government for several years to establish an office in the Dubai International Airport, and Larkin confirmed that the new branch would be the first of its kind in the country.
“This is a very important decision by the DBA,” he said.
“In addition to providing the Bank with an international headquarters, it will enable us to provide an alternative for foreign clients, including some of the largest international banks in the world, as well as other large UAE banks.”
Larkin added that the DBD was also looking at a branch at Dubai’s international airport.
“With a number of international banks already operating in the Gulf region, the Bank has been looking at establishing a branch there,” he explained.
“If we can make a successful transition, this will open up new avenues for the company.”
The UAE is a big market for Chase.
The UAE has a total of more than $8 trillion in foreign exchange reserves and nearly half of the country’s total economy.
It is home to about $500 billion in foreign currency reserves.
Commercial bank operations have grown in the past decade, and the new Dubai branch will serve a much larger population.
The Dubai office will be a hub for the Dubai branch, as the country is expected, to become a major financial center by 2028.
Chase recently announced plans to invest $300 million in a new branch in the city of Sharjah, which will be built on a site near the international airport where the DTB currently operates.
The new Dubai commercial banking branch will also offer Chase an international reach, as its Dubai branch is the only commercial banking bank in the area that does not have a branch inside the United Arab Emirates.
The Bank of Oman is also expected to make a major push for a new Dubai banking office.
The bank has previously opened branches in Saudi Arabia, Kuwait and the United Kingdom.
“As a global bank, we are pleased to be partnering with the Bank to open our first Dubai branch,” said Chase spokesperson Erin Durbin.
“CBD has a strong track record in the international financial services space and our new branch will provide the Bank an opportunity to expand and expand its footprint in the market.”
Chase is already a major player in the U.S. banking market.
The Chase Bank International branch is located in Manhattan and serves approximately 9 million customers worldwide.
“For Chase, this is an exciting day,” said David W. Gullick, chief operating officer for Chase Commercial Bank.
“There are many exciting opportunities for us as a banking group in the United States, including our presence in the New York City market.”
The Bank has more than 400 branches throughout the U!
The Bank also has a presence in several other countries, including Germany, the Netherlands, South Korea, India and Japan.
Chase Commercial Banking has been an active participant in the Bank for over 30 years.
“I can’t wait to welcome Chase CommercialBank to our global family of banks and partner with them in the future,” said Mark Belsky, president and CEO of the Bank.