UBF’s CEOs Advisory Council holds its 3rd meeting of 2021
Banking leaders discuss Ethical Selling Initiative, Wealth Management Roadmap, and new requirements for Emiratization
Abu Dhabi – September 20, 2021: The CEOs’ Advisory Council of UAE Banks Federation (UBF) held today its third meeting of 2021 to discuss banking sector developments and review the progress achieved on key initiatives as well as the impact of stimulus measures rolled out by the Central Bank of the UAE to speed up post-pandemic economic recovery. The virtual meeting was chaired by H.E. Abdul-Aziz Al-Ghurair, Chairman of UAE Banks Federation.
Members of the high-level CEOs Council discussed matters relating to the impending rollout of the second phase of UBF’s Ethical Selling initiative, which seeks to build a framework for ethical selling practices to be adopted by all UBF members pursuant to the directive from Central Bank of the UAE on Consumer Protection, as well as UBF’s wealth management roadmap which is aimed at offering incentivized services to grow the sector in the UAE and make the UAE the preferred hub for investment in the region.
The Council also reviewed the progress made by the banking sector on UBF’s Emiratization Project, and discussed new developments around the topic, including the introduction of enhanced Emiratization targets for banks operating in the UAE.
This meeting takes place at a crucial moment in UAE banking sector’s post-COVID recovery, and comes against the backdrop of strong Q2 performance posted by UAE banks, with the four largest banks in the country reporting a combined net profit of $4 billion in the first half of 2021 – marking a 17% annual increase – according to the latest Moody’s report.
H.E. Abdul-Aziz Al-Ghurair, Chairman of UAE Banks Federation, said: “As the UAE continues to lead the region’s economic recovery from this pandemic-induced slump, UBF has been working closely with both Central Bank of the UAE as well as our member institutions to jump-start a revival across business sectors. Today’s meeting provided an opportunity for Council members to discuss several crucial issues. And, with a number of UBF banking sector initiatives at various stages of completion, the meeting also gave members a chance to review the progress reached on these programs, share insights and recommendations, and make informed collective decisions that will pave the way for more customer-centric banking practices and, ultimately, a more robust banking sector, all of which is under the guidance and supervision of Central Bank of the UAE.”