Russia’s Sberbank Files Paperwork to Open Abu Dhabi Office – Executive

Russia’s largest bank, Sberbank, has filed paperwork to register an investment and brokerage office in the United Arab Emirates capital of Abu Dhabi, Deputy Chairman of the Executive Board Anatoly Popov said on Monday.

“We have submitted documents to register an office in Abu Dhabi. We will await a decision from the authorized body on this issue and would like to open an office before the year’s end. The new office will provide support for investment business and the implementation of projects of our clients in Islamic finance, cooperating with funds, banks and companies in the Middle East,” Popov told reporters.

This echoes Popov’s colleague, First Deputy Chairman of the Executive Board of Sberbank Alexander Vedyakhin, who in May told Sputnik that the banking giant had already prepared a budget and business plan for a prospective Abu Dhabi branch.