SBFEA of Turkmenistan and First Abu Dabi Bank to open correspondent account in dirhams
SBFEA of Turkmenistan and First Abu Dabi Bank of the UAE have agreed to open a correspondent account in dirhams, according to the page of the UAE Embassy in Turkmenistan on Instagram.
The agreement was signed by Chairman of the State Bank for Foreign Economic Activity of Turkmenistan Rahimberdi Jepbarov and member of the Board of Directors of First Abu Dabi Bank Muhammad Saif Al Suwaidi during the official visit of Chairman of the Halk Maslahaty of Turkmenistan Gurbanguly Berdimuhamedov to the UAE.
Banks use correspondent accounts to reflect transactions that one financial institution conducts on behalf of and at the expense of another. These accounts also facilitate currency exchange, non-cash transactions and electronic transfers.
First Abu Dhabi Bank is the largest bank in the United Arab Emirates, formed as a result of the merger of First Gulf Bank and the National Bank of Abu Dhabi. The bank's assets at the end of 2020 amounted to 919 billion dirhams ($250 billion).
FAB offers financial solutions and services through its corporate and investment banking franchises, as well as personal banking. Global Finance has recognized First Abu Dhabi Bank as the safest bank in the UAE and the Middle East.
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