Central Bank approves requests of a number of banks

The Board of Directors of the Central Bank of the UAE has approved a number of applications of banks and other financial institutions working in the UAE to expand their activities and open new branches.

The decision was taken during the board's 11th meeting at the Central Bank office in Abu Dhabi, under the chairmanship of Khalid Juma Al Majid, Deputy Chairman. The board approved only those applications that fulfilled conditions as per applicable laws and regulations concerning each individual activity.

The meeting was attended by Mubarak Rashed Al Mansoori, the Central Bank Governor, and Board members Younis Haji Al Khoori, Khalid Mohammad Salem Al Balama, Khalid Ahmad Al Tayer, Hamad Mubarak Buamim, as well as Mohamad Ali Bin Zayed Al Falasi, Deputy Governor, and a group of senior staff.

The board also reviewed a presentation by the Banking Supervision Department on the minimum capital requirements as per Basel III and Domestic Systematically Important Banks, D-SIBs. The board approved the publication of the regulatory framework in this regard.

The board also reviewed issues presented by the Financial Control Division, and took appropriate decisions in respect of them.

The board completed the discussion of the remaining topics on its agenda, and took appropriate decisions.