Financial and Banking News


Major UAE Banks Report Setbacks

Against the background of mergers of some of the smaller banks in the UAE, results have recently been released for top-ranking banks in the country which illustrate the ex- tent to which the current recession has affected the performance and profitability of what were regarded as the flagships of the country's banking sector.

The Dubai-based Bank of Oman increased its provisions for bad and doubtful debt by...