Zenith Bank (UK) has set up its presence in Dubai with the launch of its first branch at the Dubai International Financial Centre (DIFC).

The new branch in Dubai will offer trade finance and commercial banking solutions to customers, the bank said.

Zenith Group founder and chairman Jim Ovia said: "Dubai is an important strategic market for Zenith Bank and our international customers based at DIFC. The increasing trade flows from Asia into Africa through Dubai makes the emirate an ideal destination for our regional office. This advantage, combined with DIFC’s advanced regulatory environment, influenced our decision to set up a presence in Dubai."

Set up in May 1990, Nigerian lender Zenith Bank operates with offices in Gambia, Sierra Leone, South Africa and China. The bank offers a range of services such as cross border trade finance, lending and treasury products and services, alongside family office and wealth management consultancy to corporations.

Zenith Bank (UK), the UK subsidiary of Nigerian lender Zenith Bank, was licenced in March 2007.

Zenith Bank (UK) CEO John Weguelin commented: "We are delighted to be the first Nigerian bank to be granted a Category 4 license by the DFSA , allowing us to offer a range of financial services to our client from the DIFC. This is an important milestone for Zenith Bank and we look forward to becoming a valued stakeholder within the financial community in Dubai."

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