Banks had an exceptional run in 2005. As margins for traditional commercial and corporate services have narrowed, banks have started reaching beyond their usual domain. According to the Emirates Bank Association, quoting the Central Bank, the banking system's total assets rose by more than 40 per cent in the year, while profits jumped by more than 100 per cent.
The GCC has one of the world's largest pools of private wealth, with $1.5 trillion (Dh5.50 trillion), according to the IMF, held in real estate, offshore securities and bank deposits.
Sanjoy Sen is the Country Business Manager for Citibank's consumer banking business in the UAE. In an exclusive interview with Gulf News, he shares his views on the regional and UAE markets.
The UAE banking sector is one of the most competitive, with nearly 50 banks trying to tap into a population of approximately 4.3 million. Banks in the region are focusing on ever-expanding client needs and expectations.
The government aims for 50 per cent Emiratisation in banks by 2007. For decades, expatriates have occupied, and excelled in, positions across diverse sectors at every level in both local and multinational organisations in different emirates.
