UAE banks ATMs increase to 5274 by end of March
In yet another indicator of the growth in economic sentiments in the country, the number of automatic teller machines, ATM, operated by banks in the UAE hit a total of 5274 by end of March, an increase of 63 facilities from 5211 in the same month in 2017, according to UAE Central Bank statistics. The continual rise in ATMs in the country reflects the UAE banking sector's commitment to forging ahead with its plans to automate services in a way that optimises costs and streamlines business. On a different note, Central Bank statistics released recently on the latest financial developments in the country by the end of March indicated that the number of national banks stood at 22 with their branches decreasing from 834 to 761 during the same monitored period. On the contrary, electronic service units operated by these banks dropped from 35 to 32 while money exchange companies dropped from 72 to 48.
GCC banks operating in the country remained 6 with 4 branches, while foreign banks increased from 20 to 21, with 77 branches against 81 in the same monitored period.
By the end of Q1, 2018, the number of financial entities operating under the UAE Central Bank's mandate and supervision, reached 20 financial investment companies and 11 brokerage firms, along with 12 commercial banks, 27 financing companies, 102 bank representation offices and 30 money exchange companies.
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