BDO Unibank (BDO) has set up its office in Dubai as part of its strategy to expand its foothold in the growing overseas Filipino market in the Middle East.
BDO President and CEO Nestor V. Tan said the decision to set up an office at the Dubai International Financial Centre (DIFC) was aimed at serving the overseas Filipino workers (OFWs) in the United Arab Emirates (UAE).
“This expansion into Dubai will boost our capability to service the needs of our countrymen in the entire Middle East and, hopefully, make the bank a catalyst for the progress of financial inclusion of the expatriates in the Philippines,” Tan said.
BDO targets to serve and support the 700,000 Filipino expatriates in UAE by facilitating investments and money flow to the Philippines.
“BDO Unibank’s establishment of a representative office in Dubai is driven by the objective to further widen our overseas network to provide support to the OFWs and residents,” he added.
DIFC Authority Deputy CEO Arif Amiri said the entry of BDO Unibank is a direct outcome of their overall strategy to facilitate integration between the Asian and Middle Eastern companies.
“We remain conscious of the diverse demographic constituents of the UAE and are committed to catering to the evolving requirements of each population segment,” Amiri said.
DIFC is the financial and business gateway between the Middle East, Africa and Asia. It positions itself as one of the world’s top 5 financial hubs. He said DIFC aims to grow the financial sector’s share of the UAE economy to 18 percent of the gross domestic product by 2024, compared to its 12-percent share in 2013.
BDO also has a branch in Hong Kong, as well as 27 overseas remittance and representative offices in Asia, Europe, North America and the Middle East
It has one of the largest distribution networks, with 897 operating branches and over 2,700 automated teller machiness in the Philippines.