National banks add 72 branches
National banks have set up 72 new branches over the past year despite a post-crisis business downturn but foreign banks cut their presence in the country by 35 branches, according to official data.
A large number of the new branches were opened by national banks in the second half of 2008, when foreign banks also closed 35 branches.
From 573 at the end of August 2008, the number of national bank branches increased to 614 at the end of 2008 and peaked at 645 at the end of July, showed the figures by the Central Bank.
Foreign banks had 117 branches throughout the UAE at the end of August last year but they were cut to 82 at the end of this July. The report gave no reason for the closure but many foreign banks were hit by the global financial crisis, which jolted their head offices.
Despite their strong presence in the UAE, national banks have been outnumbered by foreign units. The report showed there were 24 national banks and 28 foreign financial institutions in the UAE at the end of July.
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