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Abu Dhabi: Standard Chart-ered Bank said it will enlarge its branches to create more space for a growing customer base, and compensate for the limit set by the Central Bank on the number of branches foreign banks are allowed to have in the UAE.
Some of the offices will be replaced with bigger branches, said Hesham Malak, head of the bank's consumer banking division.
"We will soon open a flagship branch in the Khalediya district, providing 20,000 square feet of office space. That will be followed by another flagship branch in Dubai's Diera area with a similar space," he told Gulf News.
Helpful
The bank has 11 branches in the UAE, the maximum allowed. "We were able to expand our services through alternative banking methods such as electronic banking units, ATMs, as well as through mobile and internet banking services, where we found the Central Bank extremely helpful," Malak said.
The bank's ATM network had 138 off-site machines at the end of 2007, in addition to the machines available at the branches. "We are seeking to increase this number, as well as the number of electronic banking units, which provide all our banking services with the exception of the teller service," Malak said.
The Central Bank has already approved the establishment of new electronic banking units in Sharjah, Mussafah industrial area of Abu Dhabi and Jebel Ali.
The expansion plans come in response to the country's growing population and the growth of the retail segment of the banking activities in the UAE.
"Our next strategy will be to focus more on wealth management and the small and medium enterprises," Malak said.
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