21 local banks operating in UAE

DUBAI - The number of incorporated local banks operating in the UAE has increased to 21 in 2002 compared to 20 banks at the end of 2001, while the number of branches and cash offices of these also increased from 324 to 345 in the same period following licensing of the newly founded Dubai Bank, according to the latest statistics published by the UAE Central Bank.

By A Staff Reporter

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Published: Mon 11 Aug 2003, 12:17 PM

Last updated: Wed 1 Apr 2015, 7:48 PM

The number of foreign banks operating in the country remained unchanged at 26. Branches and cash offices of these banks, however recorded 86 branches compared to 83 branches at the end of 2001.

The report showed that the licensed representative offices of foreign banks and other financial institutions in the country increased to 51 by the end of 2002, against 49 offices at the end of 2001, following issuance of new licenses and cancellation of others by the Central Bank. The number of head offices of money changers operating in the UAE reached 105, with 147 branches against 104 head offices and 127 branches at the end of 200, while the number of licensed monetary and financial brokers reached 35 head offices and three against 44 head offices and four branches at the same time. Financial investment companies, banking, financial and investment consultation establishments and companies rose from 16 at the end of 2001 to 20 at 2002.

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