Abu Dhabi – Mubasher: UAE-based First Abu Dhabi Bank (FAB) announced that any allegations by the Qatar Financial Centre Regulatory Authority (QFCRA) claiming that its branch in the Qatar Financial Centre (QFC) failed to provide appropriate financial disclosures are false.
This came as a response to the recently published statement by the QFCRA, FAB said in a statement to the Abu Dhabi Securities Exchange (ADX).
FAB previously denied all the allegations made by the QFCRA in the QFC Courts regarding the Emirati bank.
The bank believes that the actions of the QFCRA are “not coincidental” as it took take place at the time when the UAE and other Arab countries ended their diplomatic ties with Qatar.
The ADX-listed bank further noted that it carries out its business in accordance with the highest professional standards and in full compliance with the laws and regulations of all the jurisdictions.
Moreover, FAB said that it had informed the QFCRA on 19 June 2019 that would relinquish its QFC branch license and permanently close its QFC branch.
The bank is currently conducting the required processes to end its QFC branch operations.
The QFCRA’s actions would not have any impact on FAB’s future financial performance or strategy, the statement highlighted.
