MTS Bank Branch in Abu Dhabi Loses License as Central Bank Takes Action

The Central Bank of the United Arab Emirates 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 the classification.

The Central Bank stated – in its statement – 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’s use of the Central Bank’s payment systems will be limited to this purpose only.