Emirates Bank to open eight new branches in UAE

DUBAI - Emirates Bank will open 8 new branches in the UAE this year, in addition the bank will also open its first branch in Saudi Arabia in July this year, according to Louis A. Scotto, General Manager, Retail Banking.

By Babu Das Augustine

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Published: Mon 24 May 2004, 9:53 AM

Last updated: Thu 2 Apr 2015, 12:30 AM

The new round of branch expansion gives special emphasis to high net worth clients and the bank's fast growing retail business. Out of the eight new branches three will be located in Dubai, two in Sharjah, two in Abu Dhabi and one in Fujairah.

The branch expansion will not affect the existing Middle East Bank branches, which will become Emirates Islamic Bank (EIB) branches and will offer Islamic banking products and services. "While all the Middle East Banks will be made Emirates Islamic Bank branches, Emirates Bank will continue to expand its branches and offer its services where it has customer concentration," Scotto said.

The conversion of MEB branches will not in any way affect the banking requirements of its customers. The existing accounts will be converted into Islamic bank accounts offering corresponding Islamic banking products and services without any financial losses to the customers. "The Existing MEB customers will continue as EIB customers. However, if some of the customers want to move their account to Emirates Bank, it could be done with ease to any branch of their convenience." Some of the new Emirates Bank branches will include the Al Shaheen Club, the priority banking service designed to meet the need of high net worth customers. Currently, the bank has two Al Shaheen branches "- one at Jumeirah and another at Dubai Main Branch. The new branch coming up at Mankhool will also have Al Shaheen Club facilities. The bank has plans to open more priority banking outlets at areas with high concentration of affluent customers. Al Shaheen customers are offered confidential services and are served by an account manager, in addition, the members enjoy a host of privileges such as fee waivers, loan discounts, platinum credit cards etc.

To cater to the investment needs of Al Shaheen customers, Emirates Bank has entered into a tie-up with Morgan Stanley to offer a mix of international investment products and services. "Through this exclusive arrangement, we intend to provide the best in the international market and offers comprehensive investment product mix," Scotto said. In the Saudi market, the bank intends to play major role in the retail banking business. While the meBank platform will be used as a primary delivery channel, Scotto said a large branch network is not necessary for gaining significant market share in retail business.

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