Sberbank of Russia has submitted documents for registration of an office in Abu Dhabi and expects to open an office in the UAE by the end of 2020, Deputy Chairman of the Board of the Bank Anatoly Popov told reporters.
"We submitted documents for registration of an office in Abu Dhabi We are waiting for the decision of the authorized body on this issue in the near future and would like to open an office before the end of the year. The new office will support the investment business and implement projects of our clients in the direction of Islamic Finance, working with funds, banks and companies in the Middle East," he said.
Earlier, Bloomberg reported that Sberbank agreed to create a joint direct investment fund with one of the Arab sovereign investment funds. It was noted that the joint fund would focus on investments in large and medium-sized Russian businesses. According to agency sources, the bank is planning a partnership with the Emirati Fund Mubadala, controlled by the government of Abu Dhabi.
GSV "Russia - Islamic World"
Photo: Creative Commons
Based on materials from TASS