UAE banks will face tough competition

ABU DHABI — The banking and financial sector in the country would soon face competition from foreign banks and banks from the AGCC when UAE signs Free Trade Agreement (FTAs) with US, EU and other countries, warned Governor Central Bank of the UAE Sultan Nasser Al Suwaidi.

By A Staff Reporter

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Published: Thu 2 Mar 2006, 9:57 AM

Last updated: Sat 4 Apr 2015, 3:26 PM

Speaking at a seminar jointly organised by ADCCI and NBAD on the topic of Banking sector-opportunities and Challenges, the Governor asked the banking sector to prepare themselves to face the new challenges of globalisation.

Al Suwaidi said the banks have performed well, but they have to compete with banks equipped with the latest technology who will try to capture their businesses.



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