Restrictive retail banking rules imposed
by the Central Bank of the United Arab Emirates (UAE) will benefit
the whole sector, according to Ala’a Eraiqat, CEO of the UAE’s
third-largest lender by assets, Abu Dhabi Commercial Bank
(ADCB).
The Central Bank
of the UAE tightened banking rules to curb banks’ lending
activities and cut down on the fees that banks charge for personal
and auto loans at the beginning of March.
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At the end of March, the
Central Bank banned the country’s national banks
from cold-calling potential and existing customers for marketing
and sales purposes.
But Abu Dhabi Commercial Bank’s CEO, Ala’a
Eraiqat, said that the bank would not require to change its
strategy.
He added that the rules would not have a
negative impact on profits at ADCB.
Separately, ADCB has appointed Goldman
Sachs Group and Bank of America Merrill Lynch to advise on whether
to sell its 25 percent stake in Malaysia-based RHB
Capital.
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By GlobalData
