List of Commercial Banks in UAE

Commercial Banks in UAE: Your Guide to Banking Services

Commercial banks in the UAE are crucial to the economy as they provide services such as loans and savings accounts needed to support the growth of individual and commercial institutions. This guide is a detailed overview of these banks and how to help yourself make the best decision.

What Are Commercial Banks?

Commercial banks refer to the financial institutions that accept deposits, make business loans, and provide a number of other financial services for commercial purposes. Such services are essential to the everyday financial workings of enterprises and individuals.

They enable commerce and trade by providing savings accounts, business loans, and investment opportunities.

Types of Services Provided by Commercial Banks

UAE's commercial banks offer numerous financial services to individuals and businesses. The services include:

• Personal Loans: These loans are used to fulfil personal financial requirements like a loan for your home, car loans, personal financing and so on.
• Business Loans: Business loan types include working capital loans and broader business financing for larger purchases.
• Deposits and Savings: You could save for various such as while having a savings account, fixed deposits and current accounts.
• Foreign Exchange Services: Commercial banks offer currency exchange, remittances, and international payment solutions to facilitate global transactions.
• Credit Facilities: Including credit cards and debit cards (both personal and business), and overdraft solutions.
• Investment Products: Financial advisory services for individuals and businesses, including wealth management and retirement planning.

Types of Banks in the UAE

The banks in the UAE will either be categorised as national banks (locally incorporated) or foreign banks. They have services that correspond to their needs.

National Banks

These are locally incorporated banks that carry a more diverse range of financial services and options available in the UAE. Some of the leading national banks in the UAE are:

• Emirates NBD
• Abu Dhabi Commercial Bank (ADCB)
• Mashreq Bank
• First Abu Dhabi Bank (FAB)

Foreign Banks

A foreign bank is an international financial institution. Some of them are specialised banks catering toward expatriates and international businesses, providing services that include trade finance, corporate banking, and cross-border remittance services.

Top Commercial Banks in the UAE

There are a number of major commercial banks in the UAE offering full services. Examples of some of the largest commercial banks are:

First Abu Dhabi Bank (FAB)

FAB is one of the largest banks in the UAE after First Gulf Bank and National Bank of Abu Dhabi merged. The bank provides various banking products and services, such as retail banking, corporate banking, and wealth management services. FAB is also known for its extensive international network of branches in Europe, the Americas, Asia Pacific and the Middle East.

Abu Dhabi Commercial Bank (ADCB)

A leading bank in the UAE, particularly noted for SME banking solutions, financing services and Islamic banking solutions. It prioritises customer innovations and has won several awards for service excellence and digital transformation in banking.

Emirates NBD

Emirates NBD is a leading banking group in the Middle East with a rich history of digital banking. It has been at the forefront of launching mobile banking with Liv, the first-of-its-kind lifestyle digital bank in the region. The company provides financing via personal and business loans, forex and investment advisory, as well as a range of mobile and online banking services to improve customer experience.

Mashreq Bank

Mashreq Bank, the oldest privately owned bank in the United Arab Emirates, is known for its digital approach towards financial services and smart banking branches. It offers personal banking, corporate services, and investment products to a variety of clients and has been a consistent innovator within the industry, with the first region-wide debit card and digital-only bank account.

How to Select a Commercial Bank

The best commercial bank for you will depend on your individual circumstances. Here are some points to think about as you decide:

Services and Products

Select a bank that can provide a one-stop solution adapted to your needs, from personal banking products and business financing solutions to savings products and investment products and convenient foreign exchange facilities.

Consider the degree to which the bank can help you achieve your financial goals, whether you are looking for day-to-day banking convenience, support for the growth of your business, or opportunities to build wealth.

Rates and Fees

Compare the interest rates and charges for loans, savings and other services. What essentially specifies how much you pay in the long run are the fees written in the terms and conditions.

Digital Banking Options

The bank also should have a strong online and mobile banking platform that makes it easy to transact business like checking account balances, transferring money and paying bills.

Customer Support

You can cut down on your research by opting for a bank with reliable support services so that your financial requirements are addressed on time and with the necessary professionalism.

Final Thoughts

The commercial banks in the UAE cater to consumers and enterprises with a range of vital products and services. First Abu Dhabi Bank (FAB), Emirates NBD and Abu Dhabi Commercial Bank (ADCB) are among the banks that offer a wide range of products, from personal loans, savings accounts and business financing to investment advisory services.

For businesses and individuals looking for reliable banking partners, DCCI offers a valuable resource. The platform provides a comprehensive list of commercial banks in the UAE, making it easier for buyers to find trusted financial institutions that meet their specific needs.