Ahli United Bank Limited (AUBL), a subsidiary of Bahrain-based Ahli United Bank, has launched its banking operations in Dubai International Financial Centre (DIFC), UAE.
The expansion into the UAE market follows the receipt of a Category 1 Licence from the Dubai Financial Services Authority (DFSA) on 25 February.
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The new office will provide corporate banking, private banking, wealth management, trade finance, treasury and cross-border financial products and services to clients based in the UAE as well as in the wider Middle East region.
This move is part of the group’s strategy to develop integrated banking presences in all the Gulf markets and to act as a preferred regional intermediary for its clients in terms of securing their cross border banking needs.
Meantime, AUB Group chairman Hamad Al Humaidhi has been named as new chairman of AUBL, while CB Ganesh was appointed as the CEO.
Commenting on the UAE venture Al Humaidhi said: "The launch of DIFC operations represents another important milestone in AUB’s evolution as a truly diversified regional bank and enables it to more effectively service its UAE and regional customers through a dedicated presence."
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By GlobalDataGanesh said: "AUBL has already seen very strong interest from AUB Group clients across the UAE and the region and we will work to significantly develop and enhance these relationships in the coming period."
