Spain’s Banco Bilbao Vizcaya Argentaria is to open a representative office in Abu Dhabi after having received the regulatory green light from the Central Bank of the UAE.

The new office will be overseen by Pasha D’Silva, head of BBVA’s operations in the Middle East.

BBVA said that the new office is further evidence of its long-term commitment to Asia and is part of its strategy to expand in those markets offering the highest growth potential. The firm, which counts the Middle East as part of the Asia-Pacific region, has representative offices in Beijing, Shanghai, Mumbai and Sydney, in addition to its branches in Seoul, Taipei, Hong Kong, Singapore and Tokyo.

The Madrid-headquartered firm, which is one of the biggest names in Latin America, already has a strategic agreement in place with China CITIC Bank in Mainland China and with CITIC International Financial Holdings in Hong Kong (representing 15 and 30 per cent stakes respectively).