South Korean Bank To Target Dubai Through DIFC Office
by Mary Swire, Lowtax.net, Hong Kong
14 December, 2015
South Korea's Shinhan Bank opened an office in the Dubai International Financial Centre (DIFC), a free zone in the United Arab Emirates (UAE), on December 8, 2015.
The launch of Shinhan Bank's Dubai office, which is its 98th branch worldwide, is said to be in line with the company's objective of expanding into new markets, including in the Philippines and Indonesia. Through its presence in the DIFC, Shinhan Bank is hoping to provide a variety of financial services to businesses in the UAE and the Middle East.
Cho Yong-byung, President and Chief Executive Officer of Shinhan Bank, said: "Dubai continues to serve as a gateway for global business and investment into the region. With several international projects under way, the required infrastructure alone will serve as a boon for project finance, while the increasing population of Dubai and the wider UAE will generate organic growth opportunities across a range of sectors."
"Shinhan Bank looks forward to bringing its customer-oriented spirit to the Middle East by offering comprehensive financial solutions that mutually benefit our customers across the region and the wider financial community", he added.
The UAE is currently home to 350 Korean corporations and 10,000 Korean residents, the DIFC said.
The DIFC offers firms zero percent income tax guaranteed for 50 years, 100 percent foreign ownership, no exchange controls, and a legal system based on English common law.
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