Best international and UAE banks in Dubai in 2023

March 13, 2023

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Dubai is one of the most cosmopolitan and globally connected cities in the world, and the banking industry is no exception. Dubai is home to many UAE and international banks, offering a range of financial services for individuals, businesses, and corporations. In this article, we will look at the top international and local banks in Dubai in 2023.

Overview of the Dubai’s Banking Sector

The banking sector in Dubai is regulated by the Dubai Financial Services Authority (DFSA), which ensures that all financial institutions comply with strict guidelines and regulations. The DFSA also ensures that all financial transactions in Dubai are transparent, secure, and conducted in accordance with international banking standards.

Dubai is known for its fast-paced growth and its banking sector is no exception. The city is home to both international and local banks, each offering a range of financial solutions to cater to the needs of their customers.

Services Offered by Banks in Dubai

Here's a brief overview of the banking services offered by Dubai's international and local banks:

Personal banking: This includes savings and current accounts, debit and credit cards, personal loans, and mortgages with flexible terms and conditions.
Business banking: Dubai's banks offer a range of services to businesses, including business accounts, loans, trade finance, and foreign exchange services.
Wealth management: High net worth individuals can take advantage of personalized wealth management services, including private banking, asset management, investment advisory services, and trust and estate planning.
Investment banking: Corporate customers can benefit from investment banking services such as corporate finance, mergers and acquisitions, capital markets, and equity and debt underwriting.
Trade finance: Dubai's banks provide a range of trade finance solutions, including letters of credit, export and import financing, and trade insurance, which help businesses manage the risks associated with international trade.
Digital banking: Dubai's banks are leading the way in digital banking, offering online and mobile banking services that make banking more convenient and accessible. Customers can enjoy real-time account tracking, online payments, and customized financial planning through mobile applications and online platforms.
Islamic banking: Dubai's banks offer sharia-compliant Islamic banking services, including Islamic finance products, sharia-compliant investment options, and Islamic banking services.

So, let us look at the top international and local UAE banks in more detail. The list is compiled based on the banks’ history, reputation, presence in the Middle East, and the provided services.

Best International Banks in Dubai

Being one of the world’s financial centers, Dubai attracts a significant number of international banks and financial institutions. The city is home to some of the largest and most prestigious banks in the world, including HSBC, Citibank, Standard Chartered, Credit Suisse, and BNP Paribas, among others.

HSBC Middle East

HSBC is one of the oldest international banks in Dubai, having been present in the city for over 50 years. HSBC is also one of the largest and most respected banks in the world, with operations in more than 60 countries. In Dubai, HSBC offers a wide range of financial services, including personal and corporate banking, wealth management, and investment banking.

HSBC Middle East is headquartered in Dubai and has branches in other key cities in the UAE, such as Abu Dhabi and Sharjah.

Signature Features

HSBC is a globally recognized bank with a long-standing history of providing personalized banking solutions.

Location

In Dubai, you can find branches of HSBC Middle East in Dubai Mall, Deira, and Jumeirah.

Citibank N.A.

Citibank is one of the largest and most respected banks in the world, with operations in more than 160 countries! In Dubai, Citibank offers a range of financial services, including personal and corporate banking, wealth management, and investment banking.

Signature Features

Citibank is known for its global network of branches and its commitment to delivering exceptional customer service.

Location

Citibank N.A. has several branches and offices located in Dubai. The bank's main branch in Dubai is located in the Dubai International Financial Centre (DIFC). It also has several other branches and offices in Dubai Mall, Jumeirah, and Sheikh Zayed Road.

Standard Chartered Bank

Standard Chartered Bank has been present in the UAE since 1958, making it one of the oldest international banks in the country. The bank has grown significantly over the years and currently has several branches across the UAE.

The bank is known for its focus on digital banking, commitment to sustainability, and support for the community. With a long history in the UAE and several specialized offices across Dubai, Standard Chartered Bank is a key player in the country's financial ecosystem.

Signature Features

In 2020, the bank was named "Best Consumer Digital Bank in the UAE" by Global Finance Magazine, highlighting its innovative digital banking platform.

Location

The bank has more than 10 branches in the UAE. In Dubai, you can find its branches in Dubai Mall, Jumeirah, and Dubai Silicon Oasis.

Credit Suisse AG

Credit Suisse AG has been operating in the UAE for over two decades, providing a range of investment and wealth management services to clients across the region. The bank is known for its focus on customized solutions, including investment management, retirement planning, and estate planning.

Signature Features

In 2020, the bank was named "Best Private Bank in the Middle East" by Global Finance Magazine.

Location

The bank’s brunch in Dubai is located in the Dubai International Financial Centre (DIFC).

BNP Paribas Middle East

BNP Paribas is a leading international bank with a presence in 72 countries. It has been operating in the UAE for over 40 years. In Dubai, BNP Paribas provides corporate banking, trade finance, and investment banking services. The bank is well known for its customized solutions for multinational corporations, local companies, and financial institutions.

Signature Features

BNP Paribas has a strong reputation for providing customized banking solutions to multinational corporations and financial institutions.

Location

The BNP Paribas branch in Dubai is located in the Dubai International Financial Centre (DIFC).

Top 5 UAE Banks

While international banks have long been a prominent presence in the UAE, there are also several local UAE banks that are highly reputable and competitive. These local banks have been steadily growing in influence over the past few years, and they offer a range of services that are tailored to the unique needs of the UAE market. We have compiled a list of the top 5 UAE banks that can be considered a great choice for locals and expats.

Emirates National Bank of Dubai (ENBD)

ENBD is the largest and most reliable bank originating from the UAE. With a presence in more than 10 countries over 3 continents, the bank offers a plethora of services to its customers. From priority banking solutions to bespoke investment management solutions; the bank caters to individuals, corporations, HNWIs, and institutions.

ENBD has a total of over 200 branches in the UAE, out of which more than 60 branches are located in Dubai. The bank also has several offsite ATMs and cash deposit machines scattered throughout the city.

Signature Features

One of the leading banks in the UAE with the most number of ATMs in the country!

In addition to traditional branches, ENBD also has several specialized offices located in Dubai. These include corporate banking offices, trade finance centers, and SME (small and medium-sized enterprises) service centers.

Location

Some of the prominent areas in Dubai where ENBD has branches and offices include Deira, Bur Dubai, Dubai Marina, Downtown Dubai, and Jumeirah, among others. Customers can easily locate the nearest branch or office using the ENBD website or mobile application, which also provides information about working hours, services, and contact details.

First Abu Dhabi Bank (FAB)

First Abu Dhabi Bank (FAB) is the result of a merger between two of the largest banks in the United Arab Emirates - National Bank of Abu Dhabi (NBAD) and First Gulf Bank (FGB). The merger, which took place in 2017, created the largest bank in the UAE and one of the largest in the Middle East.

FAB is now a leading financial institution in the region, offering a wide range of innovative and customized financial solutions.

Signature Features

FAB has won multiple awards for its services, including the Best Bank in the UAE award from Euromoney in 2020. It is also known for its innovative digital banking services, including online and mobile banking, which make banking more accessible and convenient for its customers.

Location

FAB has multiple branches in Dubai, making it easily accessible for customers. Here are some of the bank's branch locations in Dubai: Sheikh Zayed Road, Dubai Mall, Jumeirah, Al Qusais, Deira City Centre, Ibn Battuta Mall.

Abu Dhabi Commercial Bank (ADCB)

ADCB is a bank with a rich history of contributing to the development of the UAE itself. With total assets in excess of $75 billion, the bank offers retail, commercial, Islamic Banking, and investment management solutions to clients through its various business segments. The bank operates over 50 branches in the UAE, out of which more than 20 are located in Dubai.

Signature Features

ADCB’s innovative digital banking platform offers a range of services including mobile banking, online banking, and virtual banking. The bank's digital platform allows customers to access a range of services and features from the comfort of their homes or on-the-go.
Also, ADCB is well known for its exceptional customer service, which ensures that customers don't have to wait in long queues for their turn.

Location

Some of the prominent areas in Dubai where ADCB has branches include Deira, Al Quoz, Dubai Mall, and Dubai Silicon Oasis. Visit ADCB’s website for details.

Dubai Islamic Bank (DIB)

DIB is the largest Islamic Bank in the UAE, offering personalized Islamic finance options that serve as benchmarks for other Shariah compliant banks to follow. The bank guarantees attractive profit rates based on Shariah compliant investments, and also offers account opening facilities for minors with no hidden or maintenance charges.

The bank operates over 80 branches in the UAE, out of which more than 30 are located in Dubai.

Signature Features

One of the signature features of DIB is its focus on Islamic banking, which is based on the principles of shariah law. The bank offers a range of shariah-compliant products and services, including personal and business banking, investment products, and takaful (Islamic insurance).

Location

Some of the prominent areas in Dubai where DIB has branches include Dubai Mall, Sheikh Zayed Road, and Al Quoz. Visit DIB’s website for details.

Mashreq Neo

Mashreq Neo is the first digital bank in the UAE, and is an offshoot of the oldest bank in the country. The bank is completely branchless and paperless, offering all the conventional banking services as well as several unique offerings to attract a young customer-base.

The smartphone bank application offers plenty of exciting solutions; such as Quick Remit; which allows individuals to send money to more than 20 countries without any charge. This facility offers excellent exchange rates, and is used by expats to send and receive money in a blink of an eye.

Mashreq Neo has a lot of early bird discounts and cashback offers, and has been ranked as the leading and most secure mobile banking app in the Middle East by World Finance in 2020.

Signature Features

The signature feature of Mashreq Neo is its focus on digital banking, which offers a range of benefits to customers, including real-time account tracking, online payments, and customized financial planning. The bank also offers a range of personalized services, including virtual chatbots and 24/7 customer support.

Location

While the bank does not have traditional branches, it has several offices and service centers located in Dubai and other major cities. Read more about the bank on Mashreq Neo.com.

Find Your Perfect Bank with Emirabiz

Whether you're an individual or a business, finding the right bank and the right financial products can make all the difference to your financial wellbeing.

At our consultancy firm, we can help you navigate the wide range of options to find the best solutions to suit your specific needs. We can help you choose the most suitable bank for you and guide you through the process of opening a bank account, making it a seamless and hassle-free experience.

Best international and UAE banks in Dubai in 2023

Overview of the Dubai’s Banking Sector

Services Offered by Banks in Dubai

Best International Banks in Dubai

HSBC Middle East

Citibank N.A.

Standard Chartered Bank

Credit Suisse AG

BNP Paribas Middle East

Top 5 UAE Banks

Emirates National Bank of Dubai (ENBD)

First Abu Dhabi Bank (FAB)

Abu Dhabi Commercial Bank (ADCB)

Dubai Islamic Bank (DIB)

Mashreq Neo

Find Your Perfect Bank with Emirabiz

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