The Central Bank of the United Arab Emirates (UAE) has canceled the license of a branch of MTS-Bank, the regulator said.
This decision was made after considering possible options regarding the new status of MTS Bank, as well as taking into account the risks of sanctions associated with it.
The credit institution will cease its operations within six months under the supervision of the local regulator. During the liquidation period, the branch will not be able to open new accounts and carry out transactions (with the exception of paying previously incurred obligations).
At the end of February, MTS-Bank was on the US and UK sanctions lists.
The Financial Times reported on February 8 that MTS-Bank has received a banking license in the United Arab Emirates. The newspaper noted that the company became the first foreign lending institution in several years to obtain a banking license in the United Arab Emirates.
The work of “MTS-Bank” in the United Arab Emirates, as reported, could satisfy the growing demand for financial services of Russians living in this country.
Author:
anastasia mariana
Source: RB
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