Ahli United Bank launches operations in DIFC, UAE

Ahli United Bank Limited (AUBL), a 100 per cent subsidiary of Ahli United Bank BSC, yesterday 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 Licence 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.

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, responsible for development of all business lines. Ahli Bank Oman is a 35pc owned affiliate of AUB in the Sultanate of Oman.

Al Humaidhi commented 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.”