Frank Media: Sberbank closes its division in the UAE
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Sberbank closes its representative office in Abu Dhabi – Sberinvest Middle East Limited. This publication reported Frank Media with reference to two counterparties of the bank.
The representative office of Sberbank in the UAE could provide advisory services, arrange transactions and issue loans, but it did not have permission to work with retail clients. The bank was also limited in its right to control the assets of clients, the newspaper reports. The reasons for the closure of the representative office were not reported by the sources.
Sberinvest Middle East Limited received license in the UAE in 2020. With the help of the representative office, the bank, in particular, planned to engage in trade financing of exports from Russia to the countries of the Middle East.
In December, it became known that MTS Bank would open its branch in the UAE. According to experts, MTS Bank will develop not only settlement operations in Dubai, but also other areas. Unlike a representative office, a branch has the right to conduct banking operations (issuing loans, accepting deposits, maintaining accounts, managing assets, etc.).
Read more about the prospects of MTS Bank in the UAE – in the material “Kommersant” “Banks have reached out to the Middle East”.
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