In a study undertaken by Credit Suisse, amongst the other banks of UAE, First Gulf Bank (FGB) has been assessed as the bank having the maximum efficiency ratio, with its cost-to-income ratio of 20.9% for 1H09.
FGB is one of the most efficient banks in the world, with its cost-to-income ratio being 22.2% in 1Q09; and it has maintained the same efficiency ratio through 1H08 and 1H09
- about 20%. It has strictly controlled its cost by Dhs36m i. e 12%, quarter-on-quarter basis.
A senior official of National Bank of Abu Dhabi (NBAD) said that the bank mulls to price a five-year dollar-denominated benchmark bond later on Thursday following securing commitments in excess of $2 billion,
According to IFR, the bonds from the second largest bank in the United Arab Emirates are expected to be priced 190 to 200 basis points over the benchmark mid-swap rate.
The official told Reuters by phone, declining to be named due to confidentiality reasons: "The exact size is being finalized."
The UAE's first debt counseling service has been launched by Mashreq Bank, for the customers who are struggling to pay back their loans.
The main aim of 'Mashreq Assist' is to aid individuals and small and medium sized enterprises restructure their outstanding cards, loans and facilities.
The UAE's third biggest bank by market value said that over the last few months, an increasing number of customers have visited the company asking for financial counseling and support.
Emirates NBD, the United Arab Emirates largest bank by assets, has revealed its plan to raise up to Dhs 7.34 billion ($2bn) in fresh capital this year with the help of a new federal law that guarantees bonds issued by local banks.
However, the bank could take its time on the new issuance, as it had few pressing financing needs. The bank plans to issue a three to five-year bond under a Euro Medium-Term Note (EMTN) programme, a platform for launching bonds of various maturities.
The Central Bank of the UAE has extended the repo rate of one percent to one month - which currently is for one week - to generate more liquidity at a lesser cost.
The eligibility requirement for transactions of Certificates of Deposits of 14 days, issued by the central bank and owned by commercial bank, has also been amended by the bank.
According to the Senior Executive Director of Treasury Department, these amendments will ensure greater liquidity to the banks at a lesser cost.
Mashreqbank PSC, one of the leading banks in the United Arab Emirates (UAE) has revealed its plan to open 16 branches in Abu Dhabi and Al Ain.
The proposed move would bring the total number of branches run by the Dubai-based bank to 46 in the UAE.
In addition, the bank also has plans to add additional 10 ATM cash withdrawal machines in the region.
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