CaixaBank sets up office in Dubai

CaixaBank, one of Spain's top retail banks and the 10th in Europe by market capitalisation, made its first appearance in the Gulf when it inaugurated its representative office in Dubai yesterday to service Spanish businesses in the UAE. The seriousness of the banking institutions, quality of management in the financial system and the region's potential for growth were the main reasons to locate in the area, said Juan Maria Nin, CaixaBank's Deputy Chairman and Chief Executive. The bank's strategy has been to begin with Spanish markets, consortiums with European banks and then local partnerships in a learning curve to approach international markets, he added. CaixaBank is planning to open representative offices in Egypt and Algeria, pending approval in those countries, according to Nin.