Standard Chartered Plc., one of the leading international banks, has been eying on tapping large scale business opportunities present in the Middle-East market especially in Dubai. The bank would expand its presence in Dubai opening new offices and investing more in the highly potential market.
The Hinduja Bank is all set to roll out its full range banking services as the Dubai Financial Services Authority has granted its principle nod for the same. The move would help the bank to expand its services in the Europe, Middle East and South Asia.
The bank said in a release, "The new license enables Hinduja Bank-Middle East to provide full range of banking services from the Dubai International Financial Centre."
On Wednesday, Al Arabiya reported that in its attempt to renegotiate some $26 billion in debt, Dubai World will offer banks one proposal which would comprise full repayment over a seven-year period with interest likely linked to LIBOR.
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.
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 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.
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.
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