Banking
From The Report: Dubai 2020
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Home to nearly one-third of the GCC’s banking assets, the UAE’s banking industry is the biggest in the region. Dubai is one of the nation’s two financial centres, and through its vibrant onshore and offshore markets, the emirate has established itself as an integral component of the global financial services sphere. Despite the adverse effects of low oil prices in recent years, the domestic banking sector has remained both well capitalised and liquid, while its financial performance has been characterised by rising net profits and lower cost-to-income ratios. This chapter contains interviews with Bernd van Linder, CEO, Commercial Bank of Dubai; and Elissar Farah Antonios, Cluster Head UAE, Levant and Iraq, Citi.

Articles from this Chapter

Overview

Forward bound: Increased profits and stable liquidity fuel expansion
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Home to nearly one-third of the GCC’s banking assets, the UAE’s banking industry is the biggest in the region. Dubai is one of the nation’s two financial centres, and through its vibrant onshore and offshore markets, the emirate has established itself as an integral component of the global financial services sphere. Despite the adverse effects of low oil prices in recent years, the domestic banking sector has remained both well capitalised and liquid, while its financial performance…

Interview

Managed risk: Bernd van Linder, CEO, Commercial Bank of Dubai, on tailoring services for a more diversified customer base
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Interview:Bernd van Linder To what extent is further consolidation of the banking system expected in the coming years? BERND VAN LINDER: Financial institutions need to have a certain size and scale to invest in the required technology and regulatory compliance, and as such we have seen a wave of mergers across the Middle East. This makes sense from a shareholder perspective as the remaining banks continue to profitably serve their customers. In my opinion there is no need for further consolidation…

Interview

Charging forward: Elissar Farah Antonios, Cluster Head UAE, Levant and Iraq, Citi, on Dubai as a centre for wealth and issuances
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Interview:Elissar Farah Antonios What strengths and challenges characterise Dubai in terms of encouraging high-net-worth individuals to bank in the emirate? ELISSAR FARAH ANTONIOS: First of all you need to understand what clients are looking for when they want to engage in wealth management. One key thing to look for is stability; is the company where my relationship or account is booked within a stable country? Does the country have the right rules and regulations to protect me as a client…