06 March 2016
Ahli United Bank Limited (AUBL), a 100% subsidiary of Ahli United Bank B.S.C., has today launched its banking operations in Dubai International Financial Centre (DIFC), UAE with an initial paid up capital of US$ 25 million. AUBL has become the first bank in the GCC region to receive the Category 1 License from the Dubai Financial Services Authority (DFSA) on 25 February 2016. AUBL will offer corporate banking, private banking, wealth management, trade finance, treasury and cross-border financial products and services to clients based in the UAE as well as in the wider Middle East region.
The expansion into the UAE market, through a presence in DIFC, is in line with AUB Group's strategy to develop integrated banking presences in all the Gulf markets and to act as a preferred regional intermediary for its clients particularly in terms of securing their cross border banking needs.
Mr. Hamad Al Humaidhi, AUB Group Chairman, was appointed as Chairman of AUBL and Mr. CB Ganesh was appointed as the Chief Executive Officer of AUBL. Mr. Ganesh was previously Senior DCEO - Business Group at Ahli Bank Oman, responsible for development of all business lines. Ahli Bank Oman is a 35% owned affiliate of AUB in the Sultanate of Oman.
Mr. Al Humaidhi commented that "the launch of DIFC operations represents another important milestone in AUB's evolution as a truly diversified regional bank and enables it to more effectively service its UAE and regional customers through a dedicated presence."
Mr. Ganesh added that "AUBL has already seen very strong interest from AUB Group clients across the UAE and the region and we will work to significantly develop and enhance these relationships in the coming period."
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