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Native name | بنك دبي التجاري |
---|---|
Type | Public |
DFM: CBD | |
Industry | Financial services, Banking |
Founded | 1969 |
Founder | Sheikh Rashid bin Saeed Al Maktoum |
Headquarters | Dubai, United Arab Emirates |
Area served | United Arab Emirates |
Key people | |
Products | Consumer banking, corporate banking, finance and insurance, foreign exchange, wealth management, consumer loans, business loans, credit cards |
US$808 million (2020) [1] | |
US$304 million (2020) [1] | |
Number of employees | c. 1,500 [2] |
Website | www |
Commercial Bank of Dubai (CBD) is a UAE banking and financial services corporation headquartered in Deira, Dubai. With more than US$23 billion in assets, Gulf Business listed CBD as the 7th largest bank in the UAE, based on total assets. [3] It also figures in the Dubai Financial Market index. [2] [4] [5]
CBD was founded in 1969, by an Amiri Decree issued by the late Rashid Bin Saeed Al Maktoum. What started out as a joint venture of Commerzbank, Chase Manhattan Bank and Commercial Bank of Kuwait, evolved into a National Public shareholding company by 1982. 80% of its shares are held by UAE nationals, while the other 20% are owned by Investment Corporation of Dubai (an investment division of the Dubai Government). [6] [7] [8]
CBD provides Wholesale, Corporate, Retail, Business, SME, Private and Affluent banking services. [9]
In 2019, Commercial Bank of Dubai reported a net profit of AED 1,400 million, an increase of 20.5% over 2018, and total assets of AED 88.1 billion. Operating income for 2019 amounted to AED 3,033 million, an increase of 11.3% attributable to a 2.8% increase in Net Interest Income (NII) and a 31.2% increase in Other Operating Income (OOI). Fees and commission income increased by 21.3%, foreign exchange income registered a 37.7% increase, investment income increased by 179.4%, and other income increased by 53.3% compared to 2018. CBD has a credit rating of Baa1 and A− by Moody & Fitch respectively. [10]
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