Big 5: Germany's BayernLB to increase GCC ties

Bavarian bank amongst German exhibitors at Big 5

The German Pavilion at the Big 5
The German Pavilion at the Big 5

OTHER BIG 5 NEWS: Dubai's ruler: "We are back" | Unipods secures massive Saudi housing project | Gulf construction spend set to hit $72 bn this year

BayernLB, the Bavarian regional bank, is looking to increase the number banks in the UAE it can cooperate with on payment matters, while also looking for new clients amongst the German exhibitors in Zabeel Hall.

Arrangements have to be in place so local banks can transfer payments from local customers to their German suppliers and service providers, according to Rainer Zimdars, first vice president, international business at BayernLB.

“The more banks we have arrangements on credit lines with, the easier it is for our clients to do business in the UAE,” he said.

“Many local companies have house banks, and if we cannot cooperate with them, it is difficult for our clients,” he adds.
BayernLB is also looking to gain clients from amongst the German exhibitors. The bank’s primary focus is to provide funding to Bavarian companies, but it is also aiming to increase its client base across Germany.

“Our focus is on businesses with a revenue of about EUR50 million and up if they are from Bavaria, and around EUR100 million plus if they are from the rest of Germany. But these are no absolute guidelines, is also depends on the project at hand.”

The Middle Eastern market is attractive for German companies, many of which are SMEs with an emphasis on machinery and production equipment, says Zimbars.

“There is still potential for German companies to do more business here. And it is noticeable that after the worldwide recession, the region seems to be coming back,” he adds

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