Business

UAE’s First Abu Dhabi Bank closes Qatar operations

  • share this article

The bank stated that its withdrawal from Qatar will not have any impact outside its Qatar Financial Centre (QFC) branch and the relinquishing of its licence is not expected to have any material impact on future group performance.

Thursday 20, June 2019 BY KUDAKWASHE MUZORIWA

First Abu Dhabi Bank (FAB) said that it will relinquish its QFC branch licence and permanently close its branch, adding that its decision to close the branch follows months of baseless actions by the Qatar Financial Centre Regulatory Authority (QFCRA) that made it impossible to continue its operations.

FAB stated that the QFCRA alleged that the lender conducted transactions intended to manipulate the Qatari riyal, despite its QFC branch providing all relevant and responsive information that it was required to disclose pursuant to QFC law.

Additionally, the bank said that it has already put in place appropriate measures to protect its QFC branch employees and customers.

TAGS : FAB , QFC , Qatari riyal, QFCRA

print this article