Intesa San Paolo Bank has officially opened its onshore branch for corporate/wholesale services in Abu Dhabi. As the one and only Italian bank with an onshore branch, Intesa San Paolo can handle local currency operations, although only in the corporate sector. This represents a significant enhancement of the Italian financial presence in the United Arab Emirates (UAE). Above all, it highlights the capabilities the Italian banking system possesses to support enterprises operating in that market.
With Intesa San Paolo's two branches (one onshore in Abu Dhabi and another one offshore in Dubai), an upcoming opening of another offshore branch by Unicredit in Abu Dhabi, and UBI Banca's representative office alongside SACE's in Dubai, Italian enterprises can now rely on a broad range of financial services to support and expand their business in the area. The Deputy-Governor of the Emirates Central Bank, Saif Al Shamsi, underlined that the new Banca Intesa branch will be a strategic asset not only for Italian enterprises but also for all the local small and medium-sized enterprises (SMEs), a priority for the local government's strategy of economic diversification.