The rating agency, Standard & Poor's has revised credit rating of leading banks of Dubai, based on their exposure in the Dubai World, the state-owned investment conglomerate of the city-state.
The agency has warned against further drop in rating following Dubai World's crisis that plunged stock markets and rattled financial institutions across the globe.
A Memorandum of Understanding was recently signed between Dubai Export Development Corporation, EDC and the State Bank of India, SBI, with the aim of providing a framework for the provision of financial support and services to EDC members consisting of exporters and manufacturers in the UAE.
Under this three-year agreement, a framework would be provided, which will allow EDC members to acquire value added financial services from SBI in the areas of deposits, investments, corporate credit, loans and syndications, term loans & project finance, on a selective basis.
A pair of notable awards was won recently by Dubai Bank from Ethos Consultancy. The award was given after in depth study by the firm on the service offerings at 27 leading banks in the UAE.
Dubai Bank was titled 'Best Islamic Bank' in the UAE and also 'Most Improved Bank.' The bank, which provided excellent customer service, bagged these awards mainly because of the prominent improvement in the overall ranking of Dubai Bank among all UAE-based banks.
In a move which has confirmed the rapidly growing competition in the banking sector, Abbey and Alliance & Leicester owner Santander has announced the launch of its fees free bank accounts, which will not impose any fees even if holders end up exceeding their over draft limits.
The account will only be offered to customers who have a mortgage with the bank and, in addition to no account fees, will not levy any fee when the holders withdraw their money at an overseas location. The no fees accounts will be available starting January.
As per a data issued on website of the central bank, a further Dh4 billion ($1.08 billion) was set aside by UAE banks in selected provisions for non-performing loans in the third quarter.
Dh27.8 billion was the total sum of provisions for NPLs at September 30 set aside for specific defaults, compared with Dh23.9 billion at the end of June, the largest quarterly hike this year.
Emirates NBD, leading UAE based largest bank by assets, has informed that it envisages to increase its private banking business, primarily in Singapore.
The sources informed that Due to economic uncertainity, private banking worldwide is in flux, with some key global lenders leaving the field as others seek to spread out and balance volatile investment banking revenues with the steadier income flows from services to the super rich
Dubai Islamic Bank (DIB) has clocked a net profit of Dh1.12 billion for the first nine months of fiscal 2009.
The total assets of the lender in September 30, 2009, stood at Dh82.9 billion, while customer deposits in the like period reached Dh66.1 billion.
At the end of the third three month period of 2009, the investing as well as financing assets of the bank stood at Dh50.3 billion, while bank’s financing-to-deposit ratio stood at 76% as of September 30, 2009.
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