First Abu Dhabi Bank, the biggest lender in the United Arab Emirates (UAE), said on Wednesday it will close its sole branch in Qatar, citing Doha’s regulatory actions against the bank. The Qatar Financial Center Regulatory Authority (QFCRA) prohibited FAB from undertaking any new business for customers at its branch, housed in the Qatar Financial Centre (QFC). FAB said Qatari actions have no impact on its business outside Qatar, as the Doha branch contributed less than 0.03% of FAB’s full-year 2018 net profit.
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