Largest Russian Bank to open office in Abu Dhabi | ZAWYA MENA Edition
The largest commercial bank in Russia, Central and Eastern Europe is on course to opening an office in Abu Dhabi by the end of this year, according to a top executive.
In late September, the state-owned bank signed an agreement with Abu Dhabi sovereign investor Mubadala Investment Company to "tap the potential of mutually beneficial opportunities ".
The agreement covers cooperation in areas including co-investments, debt and equity financing, long-term financing of Mubadala projects in Russia and other territories.
It also includes potential cooperation in a wide range of areas that would embrace Islamic finance, artificial intelligence, cybersecurity, life sciences, venture capital, telemedicine and education.
Islamic finance will be the backbone of Sberbank business activity in the region. The Islamic window within Sber Investment Middle East, SIME, will be a single product development centre and the office for Sber’s Shariah-compliant finance business.
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