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Dubai: Al Khaliji Bank has 'high ambitions' for BLC France, awaiting acquisition transaction approval from authorities, top officials told Gulf News.
Soon to open its branch in Dubai International Financial Centre (DIFC), Al Khaliji, aims to prepare for integration of the 'nearly-acquired' bank, David Proctor, chief executive of the Doha-based bank, said.
With authorised capital of $2 billion and issued capital of about $1.25 billion, the bank has shareholders from across the Gulf Cooperation Council, including the UAE, officials said. The bank's venture into the Dubai financial market will be its first expansion outside of Qatar.
"Dubai has the largest [Gulf] banking market so it was the obvious next location," Proctor said.
Outlook
Speaking on the outlook for the local market, Proctor said, "With more than 50 banks operating here, and some major new banks that recently opened, it's certainly a very competitive market."
However, he sees various opportunities open to them through the already established location of BLC in Abu Dhabi, Sharjah and Ras Al Khaimah.
"We immediately start with a platform that gives us cross UAE coverage," Proctor said.
He said the first step, post-approval, will be to make sure the merger and integration goes smoothly and the next will be to "to build up the business very rapidly, by injecting additional capital." He added that there is no need for it as of the moment, as the banks focus of small and medium sized business, but they will do as to support the growth.
Proctor did not mention specific plans for expansion of the bank, but said they have 'high ambitions'.
Following a recent opening of a branch in Qatar, the bank expects to have six branches and two service centres by the end of this year.
Dubai has the largest [Gulf] banking market so it was the obvious next location. With more than 50 banks operating here, and some major new banks that recently opened, it's certainly a very competitive market."
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