The UBA Dubai has commenced operations, focusing on corporates and financial institutions’ clients, the bank announced yesterday.
In a report entitled: Five key facts about UBA’s Operations in Dubai, UBA Group said the Dubai Branch will engage new corporate and financial institution clients and refer them to other UBA Group subsidiaries and branches for on-boarding, lending, among other services.
The bank said it is taking the step because it has ‘advising and arranging’ licence in Dubai International Financial Centre (DIFC), Dubai, which means it does not extend credit or take deposit in Dubai.
We have an ‘advising and arranging’ licence in DIFC, Dubai, which means we do not extend credit or take deposit in Dubai. We do not run a local balance sheet in UBA Dubai, and hence do not open bank accounts in Dubai for any client, be it corporate or financial institution,” the bank stated.