The license of the MTS Bank branch in Abu Dhabi has been revoked by the Central Bank. The bank will be liquidated under Central Bank supervision within six months of the decision and branch closure. The Central Bank made this decision following evaluating options regarding the new MTS Bank’s status and considering the associated penalties. During the liquidation period, the branch is prohibited from opening new accounts and conducting transactions, except those associated with previous obligations. The bank is only permitted to use the Central Bank’s payment systems for this purpose.
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The Central Bank 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 following examining the available options regarding the status of the new MTS Bank, taking into account the risks of penalties associated with the bank following the classification. The Central Bank stated in a 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.
The decision 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 has been made, following examining the available options regarding the status of the new MTS Bank. The Central Bank has taken this step, taking into account the risks of penalties associated with the bank following the classification. 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. We hope this decision will be in the best interest of all parties involved.
