Russia's Sberbank has been approved by the regulatory authorities of Russia and the United Arab Emirates' Abu Dhabi to open its office in the UAE capital and is planning to do so by the year's end, the bank said on Monday
MOSCOW (Pakistan Point News / Sputnik - 14th September, 2020) Russia's Sberbank has been approved by the regulatory authorities of Russia and the United Arab Emirates' Abu Dhabi to open its office in the UAE capital and is planning to do so by the year's end, the bank said on Monday.
Earlier in the year, the bank told Sputnik that it had even drawn up a business plan and budget, as well as filed the necessary documents.
"Sberbank has received an approval of the Russian and Abu Dhabi Global Markets [ADGM] regulators to open is Abu Dhabi office. Sberinvest Middle East Limited is planning to get licensed by the ADGM regulator and office in the Abu Dhabi by the end of the year," the bank said in a statement.
Sberinvest Middle East Limited is a subsidiary of Sberbank Investments LLC, which, in turn, is a subsidiary of Sberbank. By opening an Abu Dhabi office, it aims to become the key partner in investment deals between Russia and Middle Eastern countries. It also plans to finance exports from Russia into the Middle East, as well as scale Sberbank's services in the region.
