Wednesday 23, March 2016

Dubai – MENA Herald: Dubai International Financial Centre welcomed Ahli United Bank Limited (AUBL), a 100% subsidiary of Ahli United Bank B.S.C., which has launched operations at DIFC, AUBL is the first bank in the GCC region to receive the Category 1 license from the Dubai Financial Services Authority (DFSA).

On opening the new quarters of the bank in DIFC, His Excellency Essa Kazim, Governor of DIFC, met a delegation from the bank management. The delegation included Adel El-Labban, Managing Director & Group CEO of AUB Group and C B Ganesh, who has been appointed Chief Executive Officer of AUBL’s new branch at DIFC. Through its offices in DIFC, AUBL offers 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 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 an integrated banking presence in markets across the GCC region and to act as a preferred regional intermediary for clients with regard to securing their cross border banking needs. AUB Group is already present in the UK, Bahrain, Kuwait, Oman, Egypt, Iraq and the UK.

Speaking on the launch of operations of AUB Group at DIFC, His Excellency Essa Kazim, Governor of DIFC, said: “We are pleased to welcome Ahli United Bank Limited to DIFC as the first GCC bank to receive a Category 1 license. AUBL’s landmark decision to operate out of the Centre reinforces our 2024 Strategy and further strengthens DIFC’s position as a leading global hub for businesses and financial institutions seeking growth opportunities across the Middle East, Africa and South Asia. Our enabling and robust platform is continuously evolving to give clients the confidence to leverage new corridors for the continued expansion of their operations.”

For his part, Adel El-Labban, Managing Director & Group CEO of AUB Group, said: “We are grateful for the support and cooperation we have received from DFSA and DIFC. The launch of our operations in the UAE, which is a strategic hub and market, represents yet another important milestone in AUBL’s evolution as a truly diversified regional bank. We look forward to effectively servicing our UAE and regional customers through a dedicated presence in this country as their trusted partner of choice.”

C B Ganesh, CEO of AUBL at DIFC, said: “Our presence in DIFC allows us to work closely with our existing clients in the UAE and attract new client base. AUBL has already registered high interest from AUB Group clients across the UAE and the region. In the upcoming period, we will work to significantly develop and enhance these relationships through offering tailored, need-based services.”