Abu Dhabi – The number of national banks operating in the UAE dropped by 115 branches in the fourth quarter (Q4) of 2020 on a year-on-year (YoY) basis.
The UAE’s national banks’ branches reached 541 branches in Q4-20, down from 656 branches in Q4-19, according to a recent report from the Central Bank of the UAE (CBUAE).
Quarter-on-quarter (QoQ), the number of national banks remained unchanged at 21 during Q4-20.
Furthermore, the number of cash offices decreased to 23 offices in the October-December period of the last year from 31 offices in the prior-year period, whilst moneychangers slid to 97 companies from 104 companies.
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