The move is designed to provide offshore services – specifically for the expanding expat population and international customers – and is the latest move for the firm as it looks to make the UAE its regional hub.

In late October, the bank led a consortium, which was evaluating the 40 per cent stake in Saudi Hollandi Bank, which it had acquired as part of the takeover over ABN Amro.

RBS is currently in the process of selling off this stake, which is estimated to be worth about $1.4bn as it does not have ‘a natural fit with any consortium members’ (MEED 19:10:07).