26 Dec 2022 19:44

Sberbank to close office in UAE, to continue to serve clients there

MOSCOW. Dec 26 (Interfax) - Sberbank is being forced to close its office in the United Arab Emirates, Sberbank First Deputy CEO Alexander Vedyakhin told journalists.

"Unfortunately, we're facing serious restrictions on the work of our Sberinvest Middle East Limited office in Abu Dhabi under sanctions. And we with regret will have to close it in the first quarter of 2023," Vedyakhin said.

Sberbank will continue to serve clients on the market despite the office closing, Vedyakhin said. "These are different things: having an office on the one hand, helping our clients with market promotion in the Arab Emirates on the other. We're closing the office, but we're helping and will further help clients on the Arab Emirates market to work," he said.

Sberbank received permission to open an office in Abu Dhabi from the Russian and UAE regulators in the fall of 2020. Sberinvest Middle East Limited was established as a subsidiary of Sberbank. The company planned to participate in investment deals between investors from Russia and the Middle East and engage in trade financing of Russian exports to these countries. The company was also expected to have a fully licensed Islamic window, which would allow structuring investment products in accordance with the principles of Sharia.