The United Arab Emirates (UAE) is one of the most developed and diversified economies in the Middle East, with a GDP of 421.1 billion USD in 2019¹. The country is well known for its oil and gas reserves, as well as its tourism, trade, and financial sectors. The UAE has a robust banking system that offers a wide range of services and products to individuals and businesses. In this article, we will explore the top 10 banks in UAE in 2023, based on their total assets, market share, customer satisfaction, and digital innovation.
1. First Abu Dhabi Bank (FAB)
FAB is the largest bank in UAE, with total assets of 250 billion USD in 2020². It was formed in 2017 by the merger of the National Bank of Abu Dhabi and the First Gulf Bank. FAB offers a comprehensive portfolio of banking solutions, including corporate and investment banking, personal banking, wealth management, Islamic banking, and treasury. FAB has a strong presence in the UAE, as well as in 19 other countries across the world. FAB is also the leading bank in UAE for business, as it provides financing and advisory services to various sectors, such as energy, infrastructure, healthcare, and technology³.
2. Emirates NBD
Emirates NBD is the second-largest bank in UAE, with total assets of 199 billion USD in 2020². It was established in 2007 by the merger of the Emirates Bank International and the National Bank of Dubai. Emirates NBD offers a full range of banking services, such as retail banking, corporate banking, private banking, Islamic banking, and asset management. Emirates NBD is also the best bank in UAE for expats and non-residents, as it has a dedicated team of experts who cater to the needs of different segments, such as professionals, entrepreneurs, students, and retirees⁴. Emirates NBD is also the best digital bank in UAE, as it has launched Liv Bank, the first digital-only lifestyle bank in the region, which offers a seamless and personalized banking experience to its customers⁴.
3. Abu Dhabi Commercial Bank (ADCB)
ADCB is the third-largest bank in UAE, with total assets of 121 billion USD in 2020². It was founded in 1985 by the merger of the Khalij Commercial Bank, the Emirates Commercial Bank, and the Federal Commercial Bank. ADCB offers a variety of banking services, such as personal banking, business banking, Islamic banking, and investment banking. ADCB is also the best bank in UAE for SMEs, as it has a dedicated SME Banking division that provides tailored solutions and support to small and medium enterprises in the UAE. ADCB is also the best bank in UAE for savings, as it has a range of deposit products that offer attractive interest rates and benefits to its customers.
4. Dubai Islamic Bank (DIB)
DIB is the fourth-largest bank in UAE, with total assets of 75 billion USD in 2020². It was established in 1975 as the first Islamic bank in the world. DIB offers Sharia-compliant banking services, such as consumer banking, corporate banking, real estate finance, treasury, and capital markets. DIB is also the largest Islamic bank in UAE, with a market share of 35% in the Islamic banking sector. DIB is also the best bank in UAE for crypto, as it has partnered with Ripple, a global leader in blockchain technology, to enable faster and cheaper cross-border payments using digital currencies.
5. Mashreq Bank
Mashreq Bank is the fifth-largest bank in UAE, with total assets of 34 billion USD in 2020². It was founded in 1967 as the Bank of Oman, and later renamed as Mashreq Bank in 1993. Mashreq Bank offers a range of banking services, such as retail banking, corporate banking, international banking, Islamic banking, and investment banking. Mashreq Bank is also the best bank in UAE for Indian expats, as it has a strong presence in India, with four branches and a representative office. Mashreq Bank also offers a special remittance service called Mashreq Quick Remit, which allows customers to send money to India in 60 seconds, with zero fees and competitive exchange rates.
6. Abu Dhabi Islamic Bank (ADIB)
ADIB is the sixth-largest bank in UAE, with total assets of 33 billion USD in 2020². It was founded in 1997 as the first Islamic bank in Abu Dhabi. ADIB offers Sharia-compliant banking services, such as personal banking, business banking, corporate banking, and treasury. ADIB is also the second-largest Islamic bank in UAE, with a market share of 20% in the Islamic banking sector. ADIB is also the best bank in UAE for customer satisfaction, as it has won several awards and accolades for its excellence in service quality and customer experience.
7. Commercial Bank of Dubai (CBD)
CBD is the seventh-largest bank in UAE, with total assets of 23 billion USD in 2020². It was founded in 1969 as the first commercial bank in Dubai. CBD offers a variety of banking services, such as personal banking, business banking, Islamic banking, and wealth management. CBD is also the best bank in UAE for innovation, as it has launched several digital initiatives, such as CBD NOW, the first digital-only bank in the UAE, CBD Pay, a mobile payment solution, and CBD Rewards, a loyalty program that offers cashback and discounts to its customers.
8. National Bank of Fujairah (NBF)
NBF is the eighth-largest bank in UAE, with total assets of 22 billion USD in 2020². It was founded in 1982 as a joint venture between the Government of Fujairah and a group of prominent UAE businessmen. NBF offers a range of banking services, such as corporate banking, commercial banking, personal banking, Islamic banking, and treasury. NBF is also the best bank in UAE for trade finance, as it has a specialized Trade Finance Services division that provides customized solutions and advisory services to its clients in various sectors, such as energy, metals, commodities, and logistics.
9. RAK Bank
RAK Bank is the ninth-largest bank in UAE, with total assets of 15 billion USD in 2020². It was founded in 1976 as the National Bank of Ras Al Khaimah. RAK Bank offers a variety of banking services, such as personal banking, business banking, Islamic banking, and wholesale banking. RAK Bank is also the best bank in UAE for credit cards, as it has a wide range of cards that offer features and benefits, such as cashback, rewards, discounts, travel insurance, and airport lounge access.
10. Ajman Bank
Ajman Bank is the tenth-largest bank in UAE, with total assets of 9 billion USD in 2020². It was founded in 2007 as the first Islamic bank in Ajman. Ajman Bank offers Sharia-compliant banking services, such as personal banking, business banking, corporate banking, and treasury. Ajman Bank is also the best bank in UAE for social responsibility, as it has a strong commitment to supporting the community and the environment through various initiatives, such as Ajman Bank Charity Foundation, Ajman Bank Green Team, and Ajman Bank Volunteer Program.
Conclusion
The UAE has a dynamic and diverse banking sector that caters to the needs of different segments and sectors of the economy. The top 10 banks in UAE in 2023 are FAB, Emirates NBD, ADCB, DIB, Mashreq Bank, ADIB, CBD, NBF, RAK Bank, and Ajman Bank. These banks offer a range of banking services and products, as well as digital innovation and customer satisfaction. Whether you are looking for a personal or business account, a savings or investment product, a credit card or a loan, a remittance or a trade finance service, or a Sharia-compliant or a conventional banking solution, you can find the best bank in UAE that suits your needs and preferences.
Source: Conversation with Bing, 11/7/2023
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