- First Abu Dhabi Bank
- Emirates NBD
- Abu Dhabi Commercial Bank
- Dubai Islamic Bank
- Mashreq Bank
Banking sectors play vital roles for the economic development of a nation as well as individual’s growth. Dubai has both local and international banks which have a variety of financial services. The UAE Central Bank is the governing body for all the banks in the country. There are 23 local and 26 international banks operating throughout the country, though the top few banks are dominating the whole banking sectors.
Generally banks in Dubai are divided in four categories: Merchant banks, Commercial banks, Islamic banks and Industrial banks. Here we have listed a few best banks in Dubai analyzing various aspects in this field.
● First Abu Dhabi Bank
First Abu Dhabi Bank is the largest bank in the U.A.E. and one of the largest in the world. It was the merger between First Gulf Bank and National Bank of Abu Dhabi (NBAD) in 2016. Its headquarter office is located at Abu Dhabi with its international banking expansion in five continents. It offers a wide range of corporate and banking products to the customers worldwide. It has published its total assets of AED 822 billion with 10% YOY growth in total assets in 2019.
● Emirates NBD
Emirates NMB is the leading banking group in the MENAT region and is the first national bank in Dubai. Emirates NBD is the largest banking group in the region by assets after NBD merged with Emirates Bank International (EBI) on 6th March, 2007. The bank has 944 branches and 4,262 ATMs / SDMs including its services in different parts of the globe with the headquarter office in Dubai. More than 25,000 people with 70 nationalities are being employed in Emirates NBD. Total assets of Emirates NBD was AED 683 billion in 2019.
● Abu Dhabi Commercial Bank
Abu Dhabi Commercial Bank, also commonly called ADCB was formed in 1985 after the mergers between three banks: Emirates Commercial Bank, Federal Commercial Bank, and Khaleej Commercial Bank. The Abu Dhabi government holds 62.52% of ADCB shares, invested via Abu Dhabi Investment Council (ADIC). It has 72 branches and over 450 ATMs across the U.A.E. with headquarters in Abu Dhabi. It is serving more than millions customers and its total assets were 405,094,825 AED up to 2019.
● Dubai Islamic Bank
Dubai Islamic Bank is the largest islamic bank in the U.A.E. established in 1975. It has a number of subsidiaries in many other countries with 66 branches operating and more than 2 millions customers in the country. Its headquarter is in Dubai and is always focused on the development of innovative investment, financing products and services. Its total assets reached almost AED 230 billion in 2019.
● Mashreq Bank
Mashreq Bank is the oldest private bank of the U.A.E. founded in 1967 as Bank of Oman, headquartered in Dubai. It was the first bank to introduce ATMs and also consumer loans in the country. It has 32 branches in the country and 20 branches serving across the middle east region and also in Europe, US, Africa and the other parts of Asia. It has 11.8% YOY growth on total assets and marked AED 159.4 billion.
There are some other banks which are contributing banking sectors in the U.A.E. for parallel development of the nation. Banks in U.A.E. are competing the world for first standard services including deposits, loans, foreign exchange, online banking, trade finance, remittances and other banking services for customers. Banks are ranked on the basis of revenues, assets, profits and market capital. Banks in Dubai are also featuring the modern U.A.E. to catch the residential and industrial development along with a flow of foriegn investment to be the business and financial hub of the world.