AUBL launches banking operations in DIFC

Abu Dhabi / Emirates Business

Ahli United Bank Limited (AUBL), a 100% subsidiary of Ahli United Bank B.S.C., has 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. 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.
Hamad Al Humaidhi, AUB Group Chairman, was appointed as Chairman of AUBL and CB Ganesh was appointed as the Chief Executive Officer of AUBL. Ganesh was previously Senior DCEO – Business Group at Ahli Bank Oman.
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.”