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UAE: Indian bank closes Al Ain branch, moves accounts to Abu Dhabi; slams disinformation – News

UAE: Indian bank closes Al Ain branch, moves accounts to Abu Dhabi; slams disinformation – News

Customers wishing to close their accounts can do so by March 22 without incurring any fees or penalties

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published: Monday, February 27, 2023 at 2:37 pm

Bank of Baroda, the only Indian financial institution in the UAE, is closing its branch in Al Ain and transferring accounts maintained there to its Abu Dhabi branch.

“A year ago, Baroda Bank took the commercial decision to close its Al Ain branch in the UAE and has received approval from the Central Bank of the UAE,” a spokesman for the bank said.

Following approval, the bank will close its branch in Al Ain on March 22.

“To ensure the smooth running of services, all accounts currently maintained at the Al Ain branch will be transferred to the bank’s Abu Dhabi branch in the UAE,” the spokesperson noted.

The Abu Dhabi branch of the bank is located on Hamdan Street.

Meanwhile, customers who wish to close their accounts at the Al Ain branch can do so before March 22 without incurring any fees or penalties.

“As such, customers are visiting the Al Ain branch to provide the necessary consent/further clarification regarding their accounts with the Al Ain branch. The bank is committed to continuing to provide unhindered and uninterrupted services to its customers,” the statement said people added.

The bank urged customers not to believe “misleading and false information” about the Al Ain branch spread on social media platforms.

A social media post with photos has circulated showing large crowds queuing at the branch to have their accounts closed. The post said people had been closing accounts at the Al Ain branch due to comments made by Bank of Baroda chief executive Sanjeev Chadha in an interview in which he said the bank would continue to send money to the troubled Adani group. Offer loans.

However, the spokesperson clarified that the decision to close the branch was made a year ago and customers were informed about the closure last month.

Bank of Baroda has been operating in the UAE since 1974. It is the only Indian bank with a full presence in the country.

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