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The UAE Central Bank announced that it had decided to revoke the license of the MTS Bank branch in Abu Dhabi and to liquidate its business under the supervision of the Central Bank within a period not exceeding six months from the date of the decision and closure of the branch. This decision comes after examining the available options regarding the status of the new MTS Bank, and taking into account the risks of penalties associated with the bank after its classification. Bearing in mind that during the business liquidation period, the branch will be prevented from opening new accounts and conducting transactions except for those related to the liquidation of previous obligations, and the bank will be restricted to using the Central Bank’s payment systems for this purpose only.
And the “Central” said last February that it had seen the statement issued regarding the new sanctions package on the Russian Federation, including the penalties imposed on MTS Bank, where it confirmed that granting the license to the bank to open a branch in Abu Dhabi was carried out according to the licensing procedures approved by it. After the bank meets the criteria for licensing branches of foreign banks, and that the “Central” is studying the available options regarding the status of the new bank.
