First Abu Dhabi Bank (FAB) is set to shutter its business in Qatar after facing actions from the Qatar financial watchdog.

FAB operates only one branch in Qatar.

The bank was accused of currency rigging in Qatar and barred from taking new business.

However, FAB refuted the charges made by the Qatar regulator.

Commenting on the move, FAB said: “FAB’s decision to close its QFC branch follows many months of baseless actions by the QFCRA (Qatar Financial Centre Regulatory Authority) that have made it impossible for FAB’s operations to continue in Qatar.”

The bank is said to have made many attempts to sort out the issue with the regulator but was unable to do so.

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By GlobalData

Even though the closure is believed to have no material impact on the group performance, FAB implemented adequate measures to protect its staff and clients in Qatar.

According to media reports, the Qatar branch of FAB accounted for less than 0.03% of the group’s 2018 net profit.

FAB was created in 2017 through the consolidation of First Gulf Bank and the National Bank of Abu Dhabi.

The merged entity is currently said to be the largest bank in the UAE. It provides a range of services including personal banking, corporate and investment banking.

Last month, FAB launched its first branch in Saudi Arabia.