Bahrain's Ahli United Bank launches UAE operations

Mubasher: Bahrain-based Ahli United Bank announced Saturday launching the operations of Ahli United Bank Limited (AUBL) Dubai International Financial Centre (DIFC), UAE with a paid up capital of $25 million.

AUBL obtained on 25 February the category 1 license from the Dubai Financial Services Authority (DFSA).

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.

AUB Group chairman Hamad Al Humaidhi was appointed the new chairman of AUBL, while CB Ganesh was named the CEO.

"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," said Al Humaidhi.

For his part, Ganesh said AUBL has already seen very strong interest from the group clients across the UAE and the region and "we will work to significantly develop and enhance these relationships in the coming period."