Emaar Properties recently announced that its soon to be launched bank will be named the Dubai Bank, reported WAM. The new financial institution will offer a range of products and services to both individual consumers and companies and will gradually create and then expand a branch network throughout the United Arab Emirates (UAE).
The company appointed global consultancy firm KPMG to work on the structure and strategy for the new bank in March. The vision for the bank is to become a catalyst for growth and innovation in the UAE banking industry as well as in the region as a whole, according to the new bank‘s CEO Ahmed Bin Brek.
Emaar Properties, a public joint stock company listed on the Dubai Financial Market, currently has five major real estate projects under development. The new bank is part of Emaar's core real estate focus, which aims at optimizing the investment of group resources, while actively diversifying the sources of its revenues. — (menareport.com)
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