UAE banks Coming of age

The UAE banking industry has come a long way since the country’s foundation in 1971. Banks operated in the states that became the United Arab Emirates even earlier. The British Bank of the Middle East (which later became part of HSBC Group), the Eastern Bank (which later merged with Standard Chartered) and the Ottoman Bank (which joined Grindlays Bank) were among the lenders that operated in the emirates prior to unification. The National Bank of Dubai was the first local lender to be set up in 1963, followed by the National Bank of Abu Dhabi in 1968. The banking sector expanded rapidly in the 70s as oil prices soared. The lending troubles of UAE banks also started in the 70s and extended into the 80s and 90s. In 1977, Ajman Arab Bank fell into trouble and was rescued and renamed First Gulf Bank, now a leading Abu Dhabi-based lender. In