The National Bank of Serbia (NBS) has issued an operating licence to Mirabank, a unit of UAE’s Royal Group conglomerate.

The central bank provided preliminary clearance to Mirabank in August to begin operations.

Jorgovanka Tabakovic, central bank governor of Serbia, said that Mirabank would invest $5bn in the Balkan country by 2017.

According to a statement issued by the central bank, Mirabank is scheduled to launch operations by the end of next March.

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