UAE Banks strong enough to deal with shocks
Yesterday, the director-general of the Finance Ministry told any shock could be absorbed by the banks in the Banks in the UAE as they are in healthy condition to even deal with the impact of Dubai World's debt rebuilding.
Younis Al Khouri said, "The committee, which is headed by our minister, made sure that UAE banks have enough capital to absorb any shock that might come."
The UAE will also not see a federal bond issue in 2010.
Net Interest Margin expected to plunge more this year by Standard Chartered HK CEO
On Thursday, Standard Chartered PLC's Hong Kong unit told that this year, its net interest margin may decrease even more as interest rates are unlikely to rise significantly in the near future.
Doha Bank’s Dreamcard holders to enjoy greater flexibility
Doha Bank yesterday announced an unbeatable offer to help new Dreamcard members lighten their load and their monthly repayments by transferring their card balances in other banks to Doha Bank's scheme.
UAE sees decline in mortgage credit growth
The recently released figures by the UAE Central Bank claim that the total mortgage loans of 24 national banks and 28 foreign units reported decline in growth to stand at Dh15billion in the first 11 months of 2009. This decline in the mortgage credit growth slowed down apparently under the impact of unfavorable conditions of the economic market due to global financial crisis.
HSBC Pays the Best to Top Bankers
HSBC’s business and markets run by Stuart Gulliver, received £15.3 million. He is the bank's top paid employee, and the head of global markets Samir Asaf, received a bonus more than £9 million.
ADCB and Schroder & Co signs private banking agreement
Abu Dhabi Commercial Bank ADCB. AD and Schroder & Co Bank AG have announced to strike a partnership deal which is aimed to woo wealthy clients of UAE for offering them banking and wealth management services.
The recent partnership will not only help Schroder & Co Bank AG to expand its business outside Switzerland but also offer a handsome opportunities to tap growing opportunities in the oil rich Emirates.
Raiffeisen Seeks to Complete Merger Activities by September
International Bank-Holding AG., and its non-listed parent bank, announced Friday that merging their activities would improve funding access and support balance out Raiffeisen International's risk exposure in Eastern Europe.
It also depicts that preparations involving auditors and advisor Deutsche Bank have already initiated and that the groups have considered preliminary share swap ratios.
Banks in UAE expand their branches by 11%
The number of bank branches, according to the figures released by the Central Bank, rose 11 per cent in the UAE indicating rise in commercial activities in the country. The banks also tried their best to serve people with electronic banking facilities as number of ATMs rose 48 per cent to stand at 3,599 by the end of last year as compared to 2,420 in 2008.
Tough time ahead for banks in Dubai, Kuwait: S&P
Rating agency Standard & Poor's (S&P), in its latest report, said that the tough times for the banking sector of Dubai and Kuwait has not been over yet. Banks in the Gulf region has a tough time for making provisions to mitigate their Non -Performing Assets that would definitely hurt their growing potential.
Dubai has still $4 billion unused in Abu Dhabi Banks
Dubai has yet to use $4 billion from the loan worth $5 billion it had borrowed from Al Hilal Bank and the National Bank of Abu Dhabi PJSC in November. It sold bonds of $5 billion to the NBAD and Al Hilal, according to the statement issued by Department of Finance.
National Bank of Abu Dhabi starts operations in Jordan
National Bank of Abu Dhabi (NBAD) inaugurated its operations in Jordan on Tuesday and became the 25th financial institution having their operations in the country. By 2014, NBAD shall have 6 branches operating in the country.
Michael Tomalin, Chief Executive NBAD, said, "The bank will work to expand its network in Jordan and shall be a significant contributor to the country's economic growth."
UAE Central Bank may intervene to reduce Eibor
The analysts have expressed that there is a little chance for a plunge in Interbank borrowing costs to a level more reflective of market lending rates until liquidity improves and economic confidence returns.
There has been a steady rise over recent months in the Emirates interbank offered rate (Eibor), the interest rate banks charge when they lend to one another, to reach its highest level since last October.
Emirates NBD organizes unique four-day event
A unique four-day event will be organized by Emirates NBD, the largest banking group in the Middle East in terms of assets; as a part its sponsorship of the Dubai Shopping Festival (DSF). Under this event, the group will offer its customers a chance to ride in hot-air balloon, free of cost, thus giving them panoramic views over Dubai.
J.P. Morgan hopes to do well through Abu Dhabi branch
The US bank J. P. Morgan has inaugurated its new office in Abu Dhabi this week for pushing its operations in the United Arab Emirates. The lender is expected to make optimum use of the location which is a business, political and financial hub of the UAE.
Barclay on rise owing to Abu Dhabi backing
The FTSE 100 continued with gain for the fourth day in a row despite discouraging public finance data. The day remained stronger for Barclays which rose 18 per cent during the week.
The bank failed to do well in the initial hours but overall scenario changed in the second half when the index rose 48.45 points to 5,325 mainly led by miners.
ADIB posts a net profit of over $415 million
The Abu Dhabi Islamic Bank (ADIB), a leading bank in Emirates, has announced its financial figures for the year 2009 reporting an operation profit of 1,527 million UAE dirhams amid economic uncertainties due to global financial crisis. The bank reported 25.1 per cent rise in its total assets that stood at 64.1 billion dirhams.
Dubai Islamic Bank posts fall in profit
Rise in impairment charges and volatility in the financial market made the Dubai Islamic Bank PJSC to post fall in its full year net profit. The bank, which is the largest Islamic lender of the United Arab Emirates, said in a filing before the Dubai bourses, that its net income for the period stood at 1.2 billion dirhams.
DMCC bats for first legal tender gold coin
The Dubai Multi Commodities Centre (DMCC) has proposed that UAE Central Bank should take lead by introducing a legal tender gold coin which could be used as a vehicle to invest in pure gold. Such investment vehicles in the pure gold are already popular in Australia and South Africa under the Australian Nugget and South African Krugerrand.
UAE declines to inject more liquidity in banking sector
The United Arab Emirates, putting rest on speculations, has ruled out any possibility of government injecting more liquidity in to the banks. The central bank Governor has made it clear that banks should not look for short term measures, given to their comparatively strong financial health.
NBAD reports robust performance in 2009
UAE's top bank, the National Bank of Abu Dhabi (NBAD) has offered 442 UAE nationals with jobs in line with its policy to provide more opportunities to the people of UAE origin. According to current figures, UAE nationals account for 36 per cent of the total workforce of the bank.