The largest Russian bank, Sberbank, received the approval to open an office in Abu Dhabi. The opening is planned before the end of the year. The bank has already formed a business plan and the budget, as well as has submitted documents for office registration, PRIME reports.
It is noted that 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 approval was received from both, the regulators of the Russian Federation and Abu Dhabi Global Market.
Sberinvest Middle East Limited is a subsidiary of Sberbank Investments, which is part of Sberbank’s Corporate and Investment Business block. The main task of the cooperation is to become a key partner in investment deals between Russian investors and investors from the Middle East. The company is also going to become a fully licensed way to structure investment products in accordance with Sharia principles.