NBB gets Dubai licence

by Reuters Tuesday, 03 July 2007

National Bank of Bahrain (NBB) said on Monday it had been granted a licence from the UAE central bank that would allow it to start operations in Dubai. The bank, which recently received a licence to operate in Riyadh, said it planned to expand across the Gulf.

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"This (UAE licence) is a direct result of the bank's strategy to aim for expansion in the Gulf Arab region," the bank said.
NBB posted a first-quarter net profit of 12 million dinars ($31.8 million), a 20.2 % rise compared with the year-earlier period.

Last year, the UAE central bank granted Doha Bank, National Bank of Kuwait and Saudi's Samba Financial Group licences to open branches in the country.



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