Union National Bank (UNB), one of the leading banks of Abu Dhabi, has received the green light from the Qatari Government to set up its first branch in the country, which is witnessing a construction, economic and financial boom driven by its rich resources of oil and gas.
The bank said it received approval yesterday from the Qatar Financial Centre Regulatory Authority (QFCRA) to set up a branch in the Qatar Financial Centre (QFC) in capital Doha.
The branch’s permitted activities include accepting deposits and providing and arranging of credit facilities within the QFC to wholesale customers. UNB is the first bank from the UAE to achieve this status.
The bank, with its presence in Egypt, has recently secured an approval from China Banking Regulatory Commission to set up a UNB Representative Office in Shanghai.
Mohammed Nasr Abdeen, UNB’s Chief Executive Officer, while commenting on the new achievement, said both Qatar and the UAE are amongst the fastest growing economies in the region and this will further strengthen the bank’s businesses.
“UNB aims to capitalise on the opportunities presented by the expanding economy of Qatar, which is well supported by the excellent regulatory infrastructure of the QFCRA,” he said.
He further added with the UNB already having a presence in Egypt through the acquisition of Alexandria Commercial and Maritime Bank, now called Union National Bank-Egypt, it is currently reviewing a number of investment opportunities across the Mena region.
UNB has two other subsidiaries Union Brokerage Company (UBC), which provides brokerage services for customers trading in shares and securities on Abu Dhabi Securities Market and Dubai Financial Market, and Al Wifaq Finance Company (AWFC), an Islamic Finance Company.
Qatar gives UNB approval for first branch