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Dubai: Union National Bank (UNB) yesterday received approval from the Qatar Financial Centre Regulatory Authority (QFCRA) to set up a branch in the Qatar Financial Centre (QFC).
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 unique status.
This marks another milestone for the bank shortly after securing China Banking Regulatory Commission approval to set up a UNB representative office in Shanghai.
Mohammad Nasr Abdeen, UNB's chief executive officer pointed out that "both Qatar and the UAE are amongst the fastest growing economies in the region".
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.
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