Banks in the UAE

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Banks in the UAE

The United Arab Emirates hosts a good variety of banks, and enjoys a very secure and stable banking environment. Throughout the global recession, the UAE and surrounding countries had not only weathered the storm but actually grew in terms of strength and stability. OLIESERVE works closely with two great banks in the region; they are Noor Bank and Emirates NBD.

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Noor Bank

Is a private bank that was established in January 2008, in Dubai – United Arab Emirates.

Over the last six years, Noor Bank has grown considerably, providing a full range of comprehensive products and services, many of which are tailored to suit the specific needs of their clients. The professional customer services offered by Noor Bank continue to impress and win over new individuals, investors and institutions across the globe.

Noor Bank is 5% owned by the Emirates Investment Authority and 95% by Noor Investment Group.  Noor Investment Group is 50% owned by Dubai government related entities, 50% by prominent individuals and members of the UAE ruling families.

For more information please CLICK HERE to visit the banks website.

Emirates NBD

Is a public bank that was formed on 16th of October 2007 when the shares of Emirates NBD were officially listed on the Dubai Financial Market (DFM). This came after the merger between Emirates Bank International (EBI) and the National Bank of Dubai (NBD). In 2013, Emirates NBD celebrated its 50th anniversary, highlighting the bank’s solid financial history.

The Group has operations in the UAE, Egypt, the Kingdom of Saudi Arabia, Qatar, Singapore, the United Kingdom, and representative offices in India, China and Indonesia.

For more information please CLICK HERE to visit the banks website.

Why banking in the UAE is good

As we briefly mentioned above, the United Arab Emirates, and surrounding region, have over the last few years of global recession, gained, in both strength and stature. Whilst many large banks in the western world were shaken to their foundations, and some even collapsing, banks across the UAE hardly felt the ripples. If privacy is of importance to you, you will find exactly that if you bank in the UAE, as at this moment Dubai does not fully comply with automatic exchange of information set out by the OECD. The UAE, Dubai particularly (unlike many traditional tax havens) is not so susceptible to being forced by other governing bodies to comply with their regulations. English is widely spoken in the UAE and in some banks you may also find Russian speaking staffs who deal with the Russian based clientele. The UAE’s banking system is as sophisticated and up to date as any western nations, some might argue in many ways better. Dubai can be considered as the Switzerland of the east, as far as banking is concerned.

Time scale and requirements for account opening

As with all banks it is not an exact science so times may vary slightly, but as a general guide once all documentation has been completed and submitted and assuming the process is smooth, the account should be up and running within 1 day to 3 weeks.

You will need to go through all compliance checks, known as KYC (know your clients). This will involve submitting copies of Passports, proof of address and bank reference letters. On successful completion of your KYC and application forms, with initial approval from the banks, as a signatory of the account you will be expected to visit and sign in front of an authorized person. In relative terms the process is simple quick and efficient.

Our offer on Bank accounts

In today’s world more than ever it is wise to diversify, placing many eggs in many baskets. With this in mind OLIESERVE has a limited time offer on opening multiple accounts, if this is something that may be of interest to you, and for more details on the offer please follow the link to our website.

Contact OLIESERVE

If you would like advice or assistance on bank account opening in the UAE please feel free to contact us via:

Alternatively feel free to visit our website http://olieserve.com/