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ABN Amro to shut down Dubai ops due to limited scale


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ABN Amro to shut down Dubai ops due to limited scale

ABN Amro Group NV said in its first-quarter results that it will wind down its operations in Dubai or transfer them to other locations, citing limited scale.

The Dutch lender will transfer some existing clients in its international commodities business to Amsterdam, The National reported May 14. A spokesman told the newspaper that the bank was planning to shutter its operations in Dubai over the course of 2018, pending regulatory approval, as the amount of business in the emirate did not justify having a branch there.

In 2017, the bank sold its private banking operations in the Middle East and Asia to LGT Gruppe Stiftung for an undisclosed amount.