The Emirates NBD, which is one of the largest UAE banks with assets of over $121 billion, is set to open a representative office in Turkey, according to the NBD Vice Chairman and Managing Director Hesham al-Qassim.
After opening its first branch in India in 2017, the bank said it would continue to expand its international presence in 2018 by growing its branch network in Egypt and Saudi Arabia and opening a representative office in Turkey.
Emirates NBD, Dubai's largest lender, boasted a 17 per cent rise in fourth-quarter net profit thanks to growth in loans, interest rate rises and higher sales.
Turkey is currently home to 46 different bank representative offices, including giants like the Bank of China and Wells Fargo.
With one Emirati bank currently operating in Turkey, the Dubai Islamic Bank, the number of UAE banks is set to double when the Emirates NBD Bank enters the market.
Despite only being established in 2007, the Emirates NBD has quickly expanded and currently employs over 7,000 workers, with assets worth over $121 billion.
With a yearly income of over $5.5 billion, the Dubai Government-owned Emirates NBD bank has the Emir’s uncle, Sheikh Ahmad bin Saeed Al-Maktoum, on its board of directors, with a fortune of $31 billion, according to unofficial estimates.
