Abu Dhabi-'s government-owned Al Hilal Bank has decided to establish two branches in Kazakhstan.
The sources informed that apart from its expansion plans in Kazakhstan, the banking group will also expand its three branches in Dubai and Abu Dhabi in October 2009.
The sources further informed that the new bank called Al Hilal Islamic Bank will be headquarter in Almaty, with an initial capital of about Dh100 million ($27million).
The bank is having five per cent market share in deposits, loans and assets in the UAE's Islamic banking sector.
National Bank of Abu Dhabi (NBAD), has announced that it has established its 27th branch in Egypt, in line with its target to extend its outlets to 50 by fiscal 2013.
The sources informed that the branch located in Senzo Mall in Hurghada, Red Sea, is part of NBAD's extensive network throughout the African nation covering the whole country in addition to 43 on-and off-site ATMs.
The UAE's second largest bank by assets has been functioning in Egypt since 1975.
The UAE's Department of Economic Development (DED) has signed a co-operation agreement with Dubai Bank to facilitate electronic payment of trade license fees.
Under the agreement, Dubai Bank will present a detailed weekly report to DED covering all transactions and procedures that take place in the preceding week.
Further, the lender will also provide DED with electronic systems services for reviewing banking settlement.
On Tuesday, a banker familiar with the matters of Abu Dhabi National Energy Co. said that the corporation, aka Taqa, has appointed five banks for a benchmark-sized, dollar-denominated bond sale.
The banker said that the joint bookrunners for the deal are the Morgan Stanley, BNP Paribas SA, HSBC Holdings PLC, Mitsubishi UFJ, and Standard Chartered PLC.
The banker added that by the end this week, Taqa will set terms of bond sale, which will come off Taqa's global medium-term note program.
National Bank of Abu Dhabi, an award winning leader in the UAE and GCC financial services industry, is planning to roll out the first Gulf Arab exchange-traded fund in next two months.
Sources reported that the fund will be listed on the Abu Dhabi Securities Exchange and will give investors convenient and easy access to a basket of stocks across the region.
Recently, NBAD's ETF has secured the license from a global index provider, and includes 50 traded stocks.
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."