• Home
  • News
    • People moves
    • Africa
    • Asia
    • Australia
    • Canada
    • Caribbean
    • Domicile
    • Europe
    • Latin America
    • North America
    • Middle East
    • US
    • US
    • UK
  • Products
    • Funds
    • Pensions
    • Platforms
    • Insurance
    • Investments
    • Private Banking
    • Citizenship
    • Taxation
  • Fintech
  • Regulation
  • ESG
  • Expats
  • In Depth
  • Special Reports
  • Directory
  • Video
  • Advertise with us
  • Directory
  • Events
  • European Fund Selector
  • Newsletters
  • Follow us
    • Twitter
    • LinkedIn
    • Newsletters
  • Advertise with us
  • Directory
  • Events
    • Upcoming events
      event logo
      Sustainable Investment Festival 2021

      The Sustainable Investment Festival will run online from 22-25 June and will include thought-provoking presentations from renowned keynote speakers, innovative breakout events and sessions specifically tailored to meet the information needs of fund selectors, financial advisers, pension consultants, trustees and scheme managers.

      • Date: 22 Jun 2021
      • Online, Online
      View all events
  • European Fund Selector
International Investment
International Investment

Sponsored by

Sharing Alpha
  • Home
  • News
  • Products
  • Fintech
  • Regulation
  • ESG
  • Expats
  • In Depth
  • Special Reports
  • Video
  • Banking

Largest Russian bank expands to the Middle East with Abu Dhabi office

Largest Russian bank expands to the Middle East with Abu Dhabi office
  • Pedro Gonçalves
  • @PeterHSG
  • 23 October 2020
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  

Sberbank, the largest commercial bank in Russia, Central and Eastern Europe is on course to open an office in Abu Dhabi by the end of this year. 

Before the end of the year, Sberinvest Middle East Limited expects to obtain its final authorisation from regulator Abu Dhabi Global Market (ADGM) that will allow it to open an office in Abu Dhabi.

Related articles

  • Aberdeen AM opens office in Abu Dhabi
  • Lombard Odier expands in UAE with branch opening in Abu Dhabi Global Market
  • Lombard Odier expands in UAE with branch opening in Abu Dhabi Global Market
  • Dubai's Shuaa launches 3 shariah funds in Abu Dhabi Global Market

Sberbank is looking to promote investment activity by implementing its clients' projects in both conventional and Islamic finance through cooperation with funds, financial institutions and other bodies in the Middle East.

We believe that Abu Dhabi is perfectly suited to meet our goals in the region"

Sberinvest Middle East is set to have an Islamic banking license, which will allow the structuring of investment products in accordance with shariah principles.

The unit also plans to engage in the trade finance of Russian exports to Middle Eastern countries, as well as promote the services of Sberbank companies in these countries, says the bank.

Andrei Ugarov has been appointed as the CEO of Sberinvest Middle East. Before joining Sberbank in April, Ugarov was a partner at PwC for seven years, focused on mergers and acquisitions and corporate finance in West Africa.

Chief Islamic finance officer of the new unit is Behnam Gurbanzada. He joined Sberbank in 2016, establishing its Islamic finance business in Russia, which he currently heads up. He previously also held Islamic banking roles at the International Bank of Azerbaijan.

"Sber Investment Middle East (SIME) is planning to use the comfortable legal environment of the Abu Dhabi Global Markets for developing Islamic financing business," Gurbanzada told local news outlet Salaam Gateway.

"We believe that Abu Dhabi is perfectly suited to meet our goals in the region."

Sber has been developing Islamic financing since 2016. To date, the bank has structured seven Shariah-compliant deals totalling $300m. Among the most notable was the trade finance deal in August of this year that involved the International Islamic Trade Finance Corporation, a member of the Islamic Development Bank Group.

 

Subscribe to International Investment's free, twice-daily, newsletter

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  
  • Topics
  • Banking
  • Sberbank
  • Abu Dhabi
  • Russia
  • Middle East
  • Islamic

More on Banking

UAE central bank issues best practice rules for financial products

  • Regulation
  • 06 April 2021
Swiss regulator drops M&A ban on Julius Baer

  • Banking
  • 06 April 2021
UK lawmakers call on L&G and Aviva to sever ties with HSBC over Hong Kong stance

  • Banking
  • 22 March 2021
HSBC and IFC emerging market green bond fund raises $538m

  • Banking
  • 19 March 2021
HSBC earnings transcripts reveal 47% rise in Asia discussions, says GlobalData

  • Banking
  • 15 March 2021
Back to Top

Most read

Will Cardano's coming of age hit Bitcoin and Ethereum?
Will Cardano's coming of age hit Bitcoin and Ethereum?
UK government must 'U-turn' on pension age change
UK government must 'U-turn' on pension age change
UK life office CEO dies
UK life office CEO dies
Dubai financial regulator names new chairman
Dubai financial regulator names new chairman
US regulator targets 'opaque' money laundering in beneficial ownership notice
US regulator targets 'opaque' money laundering in beneficial ownership notice
  • Contact Us
  • Marketing solutions
  • About Incisive Media
  • Terms and conditions
  • Policies
  • Careers
  • Twitter
  • LinkedIn
  • Newsletters

© Incisive Business Media (IP) Limited, Published by Incisive Business Media Limited, New London House, 172 Drury Lane, London WC2B 5QR, registered in England and Wales with company registration numbers 09177174 & 09178013

Digital publisher of the year
Digital publisher of the year 2010, 2013, 2016 & 2017
Loading