FT: UAE issues license to MTS Bank
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The Central Bank of the United Arab Emirates (UAE) approved the issuance of a banking license for the Russian MTS Bank, reports Financial Times (FT) citing sources. According to them, this should meet the growing demand for financial services from Russians living in the UAE.
The bank’s chairman, Ilya Filatov, visited the UAE last week, according to a FT source, as the bank plans to start operations in the Emirates in the coming months. Another interlocutor of the publication specified that the issuance of a license would facilitate access to bank accounts for Russians and “open a new channel for the flow of money” in the UAE.
FT writes that over the past year, tens of thousands of Russians settled in the UAE, mainly in Dubai. However, many of them complained about difficulties in opening bank accounts, especially corporate ones. MTS Bank became the first foreign bank in several years to obtain a license in the Emirates. MTS Bank and the Central Bank of the United Arab Emirates declined to comment.
According to the newspaper, the United States and European countries are concerned about the financial interaction of the UAE with Russia. US Deputy Treasury Secretary Brian Nelson raised the issue of issuing a license to a Russian bank during a visit to Abu Dhabi last week. “(He.- “b”) expressed widespread concern about the financial connection (UAE.— “b”) with Russia, even through non-sanctioned banks,” a source told the FT.
About the popularity of the UAE among Russians – in the material “Kommersant FM” “Oh, Dubayushka, let’s go”.
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