Abu Dhabi Commercial Bank obtains universal banking license in Kazakhstan

Detailed summary

Abu Dhabi Commercial Bank (Kazakhstan), a subsidiary bank of ADCB Group, has obtained a universal banking license, the press service of the Kazakh Agency for Regulation and…

ASTANA. Nov 13 (Interfax) - Abu Dhabi Commercial Bank (Kazakhstan), a subsidiary bank of ADCB Group, has obtained a universal banking license, the press service of the Kazakh Agency for Regulation and Development of the Financial Market (ARDFM) said.

Abu Dhabi Commercial Bank (Kazakhstan) is the first bank in Kazakhstan to receive the right to conduct both conventional and Islamic banking within a single bank using the "Islamic window" mechanism, the press service said.

The issuance of banking licenses completes the procedure for establishing a new bank with foreign participation and grants it the right to conduct banking activity in Kazakhstan.

As reported, at the end of March, the ARDFM granted ADCB permission to establish a subsidiary bank in Kazakhstan - JSC Abu Dhabi Commercial Bank (Kazakhstan). The parent bank acted as the sole shareholder and provided capitalization, strategic management, and operational support. As of the end of October, Abu Dhabi Commercial Bank (Kazakhstan) ranks 21st among Kazakhstan's 23 banks by assets.

Abu Dhabi Commercial Bank (ADCB) is the third-largest bank in the United Arab Emirates by assets. The bank has investment-grade long-term credit ratings of A+ from the international rating agencies S&P Global Ratings and Fitch Ratings with a stable outlook. A controlling stake in ADCB (60.77%) is owned by the government of Abu Dhabi through the state investment company Mubadala Investment Company.

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