& By Staff Report & DUBAI -- Emirates NBD, the largest bank by assets in the UAE, is considering opening representative offices in China and a number of Asia Pacific countries and expanding its Islamic banking operations in the region, joining an increasing number of Middle Eastern lenders seeking a larger presence in some of the world's fastest-growing economies, a senior 
executive said.

Emirates NBD already has a BRanch in Singapore where it offers wholesale banking, treasury and wealth management services to take advantage of increasing trade flows between South East Asia and the Middle East. Total exports from South East Asia in 2009 was $810 billion and imports totalled $726 billion, with the UAE accounting for around 1.6 per cent, according to figures from Emirates NBD.

"There is an increasing trend of banks and companies doing business in the region," said Brian Shegar, the bank's general manager of the Singapore BRanch and head of the Asia Pacific region, in an interview conducted via email. . "The bank is seriously considering opening representative offices in countries such as China and selected major economies in Asia Pacific which offer sound business prospects," he added. Emirates NBD follows in the footsteps of competitors such as First Gulf Bank and National Bank of Abu Dhabi which have recently announced plans to open more offices in China and the Asia Pacific region. Many Gulf banks are also keen on developing their Islamic banking presence in the region which is home to the world's largest Muslim country, Indonesia. Agreement with Man

Emirates NBD Asset Management, a wholly owned subsidiary and the asset management arm of Emirates NBD, a leading bank in the Middle East, announced on Tuesday a strategic partnership with Man, a world-leading alternative investment management business.

Under the terms of the agreement, Emirates Islamic Alternative Strategies Fund, managed by Emirates NBD Asset Management, will, through a Shariah compliant approach, track the performance of Man's GLG Multi-Strategy Fund. The move is intended to build on the success of the Emirates Islamic Alternative Strategies Fund, which has outperformed industry benchmarks since inception four years ago. Additionally, Emirates NBD Asset Management has waived the fund's performance fee, reducing the cost to investors.

© Khaleej Times 2011¬