UAE?s retail banking business set enter a boom period

Retail banking business in the UAE is entering a boom phase as the economy is doing well and consumption is back on track, Abdul Aziz Al Ghurair, chief executive officer of Mashreq said on Thursday.

?While the pace of economic growth in the UAE picks up, adding further momentum to our business we see the banking sector in general and retail banking business in particular gaining from improving consumer confidence,? he said, on the sidelines of unveiling Mashreq?s E Cubed branch, a smart banking initiative in the Dubai Mall.

Al Ghurair expects the overall loan growth in the banking sector this year to exceed 4 per cent and the retail banking assets growth to be in the range of 8 to 10 per cent.

?Although our forecast for loan growth is more than 4 per cent for the full year, the real growth in banking assets this year could be bigger in the context of large loan repayments happening as many government-related entities (GREs) are paying off their big ticket loans and improved liquidity in the banking system is fuelling more new lending,? said Al Ghurair.

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