Abu Dhabi national bank to set up branch in Damascus

Published May 14th, 2001 - 02:00 GMT

Senior sources in Abu Dhabi National Bank, one of the UAE largest financial institutions, revealed that negotiations are currently being conducting to open a branch in Damascus, reports the Damascus-based Teshreen daily.  


A UAE delegation was recently dispatched to Syria to assess the economic feasibility of opening the Damascus branch. The bank is also considering opening new branches in Oman, Bahrain and Egypt.  


At the end of 2000, the bank’s net income hit a record $139 million, reflecting a 65 percent increase compared to the previous year. dividends valued at $64 million were distributed to stockholders during the same period.  


During the first quarter of 2001, the bank recorded a net operating income of $41 million, compared with $29 million in the corresponding period of the previous year. These figures reflect a 42 percent increase. The bank’s asset value totaled $322.9 billion at the end of March 2001, while owners’ equity hit $891 million during the same period. –(MENA Report) 

© 2001 Mena Report (www.menareport.com)

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