Emirates NBD, the Middle East-based group providing services
including private banking, has signed a memorandum of understanding with Woori
Bank, South Korea’s
second largest bank, the firms announced yesterday.

The MoM is designed to strengthen the trade partnership
between the United Arab Emirates and South Korea while and encourage “smoother
business operations” for South Korean firms in UAE and the rest of Gulf
Co-operation Council region, the banks said in a statement.

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.

“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,” Rick Pudner,
group chief executive at Emirates NBD, said.

Recent economic statistics were cited by the firms as
reasons why the agreement will benefit both sides. For example, last year,
trade between UAE and South Korea
grew by 21 per cent to a $26.6 billion – a record - with UAE being South Korea's largest export market in the Middle East.