Dubai, January 27th 2013 - Emirates NBD, the leading banking Group in the region, recently announced that it has signed a Memorandum of Understanding (MOU) with Woori Bank, South Korea’s second largest bank. The agreement aims to further strengthen the trade partnership between the UAE and South Korea while facilitating smoother business operations for South Korean Corporates in UAE and the rest of GCC region.

The MOU signing ceremony was held at the Emirates NBD Head Office in Dubai, UAE, with several senior officials present, including Mr. Rick Pudner - Group CEO, Emirates NBD, Mr. Soon-Woo Lee - CEO, Woori Bank, Mr. Bhanu Vittalam - Head of International Institutional Banking, Emirates NBD along with other delegates from South Korea.

Commenting at the signing, Rick Pudner said, “I am pleased to announce the signing of the MOU between Emirates NBD and Woori Bank, which will provide comprehensive banking services to South Korean business entities operating in UAE, KSA and other GCC countries. The MOU will further offer an end to end platform to conduct increased levels of trade flows between the GCC and South Korea.”

In 2012, trade between UAE and South Korea grew by 21 per cent to a record USD 26.6 billion with UAE being South Korea's largest export market in the Middle East. While UAE exports are dominated by oil, the country is the fourth-largest exporter of crude oil to Korea. Moreover, South Korean firms are currently important participants in many key projects in the UAE, from energy to the enhancement of the UAE’s infrastructure.

Re-disseminated by The Asian Banker