Al Ahli Bank of Kuwait (ABK) has launched its Dubai International Financial Centre (DIFC) branch in the UAE, according to a recent statement.
ABK is a public shareholding company incorporated under the laws of Kuwait and listed on the Boursa Kuwait, with a licence by the Central Bank of Kuwait (CBK) as a banking institution and operates in Kuwait, UAE, and Egypt.
“ABK (DIFC) has obtained a Category 2 Operating License which is regulated by the Dubai Financial Services Authority and the branch will serve as a regional hub for ABK’s wholesale banking, corporate finance and financial institution services,” according to the statement.
ABK has appointed Tom Lind to work as the Senior Executive Officer to lead its operations at the new branch.
“ABK (DIFC) will further the Bank’s regional expansion strategy by providing a regional hub to seamlessly service corporates and multinationals across the Bank’s operations in Kuwait, UAE and Egypt. The Bank will also be able to access and benefit from the deep pool of specialist financial talent that already exists in the UAE,” Lind said.
The new UAE branch will be fully compliant with the DIFC and DFSA rules and regulations in all its dealings and operations and will only transact with corporate clients and financial institutions that are Market Counterparts or Professional Clients, as defined by the DFSA rule book.