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Top UAE bank rejects Qatari accusations of riyal manipulations
Dubai - FAB issues statement on reports that Qatar's central bank had written to US Treasury seeking probe into the allegations.
"Following recent media speculation, we are surprised to read news reports containing rumours, alleging that First Abu Dhabi Bank conducted transactions with the intent to manipulate the Qatari riyal. FAB conducts its business in accordance with the highest professional standards and complies with the laws and regulations of the jurisdictions in which it operates. FAB categorically refutes these rumours," it said in a statement on Monday.
On Sunday, Reuters reported that Qatari central bank's law firm in the US had written a letter to the US Treasury to probe into NBAD Americas, a subsidiary of FAB. Another letter, sent to US Commodity Futures Trading Commission, asked to probe into the bank's possible manipulation of Qatar's currency riyal.
The UAE's largest bank affirmed that it fully complies with the legal and regulatory requirements with regulators around the world.
"FAB maintains strong working relationships with regulators across the globe and continually engages in constructive dialogue to ensure full compliance with the latest legal and regulatory requirements," it said in a statement on Monday.
waheedabbas@khaleejtimes.com
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