An article posted earlier today by Reuters quoted Ammar Dabbour, managing partner at Excellencia Investment Management as saying the investors aim, to launch the venture, called Eurisbank, in Luxembourg during the last quarter of 2014.
With initial capital of €60m ($80m), the bank would offer retail, corporate and private banking services, and would open branches in Paris, Brussels, the Netherlands and Frankfurt.
In addition to the royal family from the UAE, Eurisbank will be owned by a bank from a country in the Gulf Cooperation Council and other private investors, said Dabbour, who Reuters said declined to name them.
Reuters said Dabbour told reporters at the Global Islamic Economy Summit in Dubai that the founders of the bank plan to apply for a licence in January and expect to obtain regulatory approvals by April.
