Dubai's Top Bank Expands in Asia as Cross-Region Flows Surge

Emirates NBD Bank PJSC is expanding its footprint in Asia as capital flows between the Middle East and fast-growing Asian markets gather pace. The Dubai-based lender has obtained an investment banking license in Singapore and is planning to grow its capabilities in India, where it secured a merchant banking permit last month. The bank is focusing on loan syndications, debt, and equity capital markets, particularly for Asian issuers seeking access to Middle Eastern liquidity.

The bank has already executed two bond issuances in Singapore for Asian clients in 2026, including BOC Aviation Ltd. and Far East Horizon Ltd. This follows a record $14.2 billion in syndicated loan raises by Middle Eastern borrowers across Asia Pacific in 2025, which marked a 175% increase from the previous year. Hitesh Asarpota, CEO of Emirates NBD Capital, said the firm is seeing growing demand from Asian issuers to access Middle East liquidity, particularly across loans and bond markets.

Middle Eastern investors, including sovereign wealth funds, have increased their allocations to Asian markets, particularly in China and India, while Asian corporates have expanded operations in the Gulf, especially in infrastructure and renewables. In the UAE, demand for Asian assets has been relatively broad, though appetite for longer-dated project finance loans in Asia is thinner.

Why Did This Expansion Happen?

Emirates NBD's push into Asia reflects a broader trend among global banks to tap into growing cross-border flows between the Middle East and Asia. The bank is building out capabilities in Singapore and India, where it plans to grow its team of investment bankers to at least 15 by year-end. Asarpota said the expansion is driven by the increasing operational presence of Asian corporates in the Middle East, with funding a natural part of that growth.

The bank is also seeing increased activity in private credit markets across Asia-Pacific, with demand driven by infrastructure financing, real estate, and energy transition projects. This trend is supported by regulatory improvements, demographic changes, and the need for flexible financing solutions.

What Are Analysts Watching Next?

Analysts are closely watching how the regulatory environment in Asia evolves, particularly in Singapore and Hong Kong, where new rules on liquidity risk management and cross-border enforcement are being introduced. The Monetary Authority of Singapore (MAS) has proposed updated guidelines on liquidity risk management, and the Hong Kong Securities and Futures Commission (SFC) has been scrutinized for enforcement delays and cross-border challenges.

The U.S. outbound investment rules are also reshaping fund management strategies, particularly for managers with Chinese investment exposure. The Comprehensive Outbound Investment National Security (COINS) Act has expanded restrictions on investments in countries of concern, affecting how U.S. investors allocate capital to Asia.

Emirates NBD's strategy in Asia is also being shaped by the increasing role of Middle Eastern SWFs and family offices in private credit markets. KKR and Goldman Sachs have already expanded their private credit offerings in the region, and other global players are expected to follow.

What Could Be Next for the Bank?

Emirates NBD plans to continue building out its investment banking and merchant banking capabilities in Asia, with a focus on providing tailored financing solutions to Asian corporates expanding in the Middle East. The bank is also expanding its team in India and could look to grow its presence in other parts of Southeast Asia, including South Korea, Malaysia, and Thailand.

As the private credit market in Asia grows, the bank may also explore opportunities in real estate, infrastructure, and energy transition sectors, where demand is outpacing traditional bank lending. With rising spreads and higher returns available in the region, private credit is becoming an increasingly attractive option for investors seeking diversification and yield.

Emirates NBD's Asia expansion is part of a broader trend as global banks adapt to changing market conditions and regulatory environments. The bank's strategy will likely be tested by macroeconomic uncertainties and shifting investor sentiment, but its focus on cross-border opportunities suggests it is positioning for long-term growth in the region.