UAE bank gets approval to operate in Serbia

The Executive Board of the National Bank of Serbia (NBS) gave the preliminary approval for the foundation of a bank from the United Arab Emirates (UAE).

Source: Tanjug

It will operate under the name of "Mirabank, joint-stock company, Belgrade," the central bank said.

The first stage in the bank foundation has been completed, and the next step in the process is issuance of the permit for the bank's operation, states the release.

Until the permit is issued, the founder can act on behalf of the bank and perform only the activities aimed at fulfillment of the conditions necessary for operation permit procurement and entry into the business register.

After this stage is completed, the bank will be able to launch regular operation in the territory of Serbia, states the release.

This is the first green field investment in Serbia's banking sector since 2008, the NBS stated, recalling that the founder is a member of the international conglomerate known as the Royal Group with the seat in Abu Dhabi, UAE.

The Royal Group launched operation in late '90s and today it is one of the biggest companies and investment holdings in UAE. Royal Group does business in the countries of the Near East, the U.S., Europe, Asia, Africa and South America.

The Royal Group gathers around 60 large and medium-sized companies and it employs over 15,000 people internationally.

The group invests in various business and public subjects and in the sectors that cover finance, production, real estate, catering, education, health-care, technology and the media.

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