The Central Bank of the UAE announced on Friday its decision to revoke the license of Russia's MTS Bank branch to operate in Abu Dhabi
MOSCOW (Pakistan Point News / Sputnik - 31st March, 2023) The Central Bank of the UAE announced on Friday its decision to revoke the license of Russia's MTS Bank branch to operate in Abu Dhabi.
"The Central Bank of the UAE announced that it has been decided to cancel MTS Bank's Abu Dhabi license, wind down its operations within six months from the date of the decision, under the supervision of the Central Bank, and close the branch," the regulator said in a statement.
This decision was made after "considering the available options regarding the new status of the MTS Bank, and taking into account the sanctions risks associated with the bank after the designation," the statement read.
"During the winding down, the branch will be prohibited from opening new accounts and conducting transactions, except for clearing prior obligations and the bank's use of Central Bank's payment systems will be restricted to this purpose only," the bank added.
