UAE studies licences for three more Gulf banks

Sultan Bin Nasser Al Suwaidi, Governor of the UAE Central Bank, on Monday said that the bank is studying issuing licences to three more Gulf banks. He said that the banks are being set up.
Al Suwaidi said the banking sector in the UAE continued to grow substantially during the current year whereas the total assets of the national and foreign banks crossed Dh1.039 trillion ($300 billion).
The deposits grew 16 per cent and the banks operating in the country are expected to realise impressive profits by the end of the year.
He added that 22 national banks and 22 foreign banks are operating in the UAE with a total number of 690 branches.