Sberbank Has Received Approval To Open An Office In Abu Dhabi
Sberbank, Russia's largest bank, has received approval from Russian and Abu Dhabi regulators to open an office in Abu Dhabi, according to the press service of Sberbank. The opening will take place by the end of 2020.
First Deputy Chairman of the Bank's Management Board Alexander Vedyakhin told RIA Novosti in may that the bank intends to open a representative office in the UAE by the end of the year and has already formed a business plan and budget. Later, in August, Deputy Chairman of the bank's management Board Anatoly Popov said that the bank has already submitted documents for registration of the office.
"Sberbank has received approval from Russian regulators and Abu Dhabi Global Markets to open its representative office in Abu Dhabi. By the end of the year, Sberinvest Middle East Limited plans to obtain a license from the ADGM regulator and open an office in Abu Dhabi," the report said.
Sberinvest Middle East Limited is a subsidiary of Sberbank investments, which is part of Sberbank's Corporate investment business unit. The main goal of Sberbank's Abu Dhabi subsidiary is to become a key partner in investment transactions between Russian investors and investors from the Middle East.
The company will also become a fully licensed "Islamic window," which will allow structuring investment products following the principles of Sharia. Also, Sberinvest Middle East Limited plans to engage in trade Finance for exports from Russia to the Middle East, as well as scaling the services of the Sberbank ecosystem in these countries.
"Recently, we have been closely following the development of the UAE and its transformation into an international business hub connecting East and West. Our physical presence there will allow us to directly build partnerships with investors from the Middle East to implement projects in Russia and then export products to the countries of the region. We also have big plans to export Russian food to the Persian Gulf countries and develop traditional Islamic Finance products with the help of the expertise of the Sberinvest Middle East team," commented Oleg Ganeev, Deputy Chairman of the bank's Management Board.
Last week we obtained an in-principle approval from the local regulator to open Sberinvest Middle East Limited, which followed an approval from the Russian watchdog. We have been closely monitoring how the UAE has been evolving and transforming into an international business hub connecting the East and the West. The result of this is a new office of the Sberbank Group in Abu Dhabi. A physical presence in the region will position us to directly promote partnerships with Middle Eastern investors for their projects in Russia, as well as the export of Russian products to the Middle Eastern countries. We also have big plans to export Russian food products to the Gulf states and to develop traditional Islamic finance products through the expertise of the Sberinvest Middle East team.