Ahli United Bank Limited (AUBL), a subsidiary of Bahrain-based Ahli United Bank, has launched its banking operations in Dubai International Financial Centre (DIFC), UAE with an initial paid up capital of $25 million.

AUBL has become the first bank in the Gulf region to receive the Category 1 Licence from the Dubai Financial Services Authority (DFSA), said a statement from the lender.

AUBL will offer corporate banking, private banking, wealth management, trade finance, treasury and cross-border financial products and services to clients based in the UAE as well as in the wider Middle East region.

The expansion into the UAE market, through a presence in DIFC, is in line with the group’s strategy to develop integrated banking presences in all the Gulf markets and to act as a preferred regional intermediary for its clients particularly in terms of securing their cross border banking needs, it stated.

AUB Group chairman Hamad Al Humaidhi was appointed the new chairman of AUBL, while CB Ganesh was named the CEO.

Ganesh was previously senior deputy CEO (Business Group) at Ahli Bank Oman, responsible for development of all business lines. Ahli Bank Oman is a 35 per cent owned affiliate of AUB in the sultanate.

On the UAE venture, Al Humaidhi said: "The launch of DIFC operations represents another important milestone in AUB’s evolution as a truly diversified regional bank and enables it to more effectively service its UAE and regional customers through a dedicated presence."

Ganesh said AUBL has already seen very strong interest from the group clients across the UAE and the region and "we will work to significantly develop and enhance these relationships in the coming period."-TradeArabia News Service