DUBAI, 20 July 2004 — Emirates Bank will open its first branch in Saudi Arabia in August this year and will explore the possibility of expanding its operations in other GCC countries in the near future, a news report published here said on Sunday.
The daily quoted Ahmed Humaid Al-Tayer, UAE minister of communications and chairman of the Emirates Bank Group, as saying that the bank is all set for further branch expansion within UAE and the region in a phased manner.
“We are ready to begin our operations in Saudi Arabia. The experience there will be useful in expansion plans in other GCC countries,” he added.
In the Saudi market, the bank intends to play major role in the retail banking business. The Middle East Bank platform will be used as a primary delivery channel, he added.
Emirates Bank opened three new branches on Sunday in various parts of Dubai. The bank will open a total of nine branches this year and an additional six are planned during the next year.
The new round of branch expansion gives special emphasis to high net worth clients and the bank’s fast growing retail business, said Louis A. Scotto, general manager, Retail Banking.
Out of the nine new branches three will be located in Dubai, two in Sharjah, two in Abu Dhabi and one in Fujairah. The bank is also looking at the possibility of opening new Emirates Bank branches in Ras Al-Khaimah and Ajman.
The group plans to retain all the existing Middle East Bank branches which will become Emirates Islamic Bank (EIB) branches and will offer Islamic banking products and services.
