MTS Bank has received a banking license in the United Arab Emirates (UAE), the Financial Times reported, citing sources close to the local central bank.
Officially, MTS Bank and the Central Bank of the United Arab Emirates declined to comment.
Licensing a Russian bank that has escaped Western sanctions should meet the growing demand for financial services from Russians living in this country. The Financial Times notes that MTS Bank is the first foreign credit institution in several years to obtain a banking license in the UAE.
The bank’s branch is registered in Abu Dhabi. MTS Bank’s plans to open a branch in Dubai first became known in December last year. It was reported that the credit institution would develop both liquidation operations and other areas.
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