One of the leading banks in Europe, CaixaBank has set up its new office at Dubai from where it will be managing its business in UAE. The reason cited behind locating its business in Dubai is that the region's environmental conditions are adequate for the bank's growth.
The CaixaBank's Deputy Chairman and Chief Executive, Juan Maria Nin, said that the Dubai's management techniques and its financial activities are much better than the other locations where its offices are located.
The bank is aiming to strike a business with Spanish market and to expand its horizon in the international market. It has further been revealed that the bank is planning to open its offices at Egypt and Algeria. But before that it would be required to get permission from the authorities of the countries, which have been delaying the decision.
Following global debt crisis, Arab countries' economy was also hit hard. However, now these countries have been reported of doing quite well. Therefore, the investors are taking the advantage of the opportunity as they are seen investing in them.
The market analysts are of the view that the Arab countries would be performing magnificently well in the next 20 to 30 years. The CaixaBank has best utilized the opportunity by investing the Arab countries. The Bank is planning to expand its branches in the region gradually with the improvement in the economy of the region.
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