First Abu Dhabi Bank responds to Qatar accusations

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In response to Qatari accusations, First Abu Dhabi Bank denied that it had conducted transactions to manipulate the Qatari Riyals.

The bank said the reports were completely untrue and appalling.


The bank added that it adopts the highest professional standards and complies with the laws and principles issued by regulators.

FADB stressed the strong working relations with all legislative bodies around the world.

It is the largest bank in the UAE in terms of assets, it was established after the merger of First Gulf Bank and National Bank of Abu Dhabi.

The bank has recently received the green light from Saudi regulators to carry out regulatory and advisory activities in the securities sector.

The move comes as other banks from outside the kingdom have stepped up their presence in Saudi Arabia in recent months, such as Goldman Sachs and Citigroup.

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