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The UK-based Crown Agents Bank (CAB), which deals in foreign exchange and cross-border payment services, has received an in-principle approval (IPA) from Abu Dhabi’s financial authority ADGM.
ADGM’s Financial Services Regulatory Authority (FSRA) approval grants the bank’s new subsidiary, CAB Global Markets, a Category 2 Financial Services Permission.
Arif Khan has been appointed Senior Executive Officer for the Middle East, leading the bank’s regional operations from Abu Dhabi.
The bank is the latest to join the slew of hedge funds, banks, venture capital firms, and asset managers lining up in recent months to do business in the UAE’s capital, including PIMCO and Seviora.
(Writing by Brinda Darasha; editing by Bindu Rai)
