Banks' expansion plan approved

The Central Bank yesterday approved new applications from some banks to expand their operations in the UAE. The Central Bank's Board of Directors also agreed on applications from local businessmen to start money exchange business and other financial activities. Central Bank Governor, Sultan bin Nasser Al Suwaidi, briefed the board on the recent talks in Oman by the Central Bank governors from the six-nation Gulf Co-operation Council on the planned monetary union. "The governor also submitted a presentation material explaining the financial matters discussed and agreed upon by the G20," the bank said in a statement after the meeting, headed by Chairman Khalil Sharif Foulathi. The board reviewed the report of the Senior Executive Director of Treasury Department regarding the monetary position and another report by the Senior Executive Director of Banking Supervision and Examination Department regarding banking indicators in the UAE, the statement added. At the end of January, the UAE had 24 national banks and 28 foreign units, with total branches of 660. There are also scores of exchange houses, investment institutions and electronic banking service units. The banking sector controlled around Dh1.46 trillion in assets and nearly Dh905 billion in deposits, the statement said. Keep up with the latest business news from the region with the Emirates Business 24|7 daily newsletter. To subscribe to the newsletter, please click here .