Bank of America in Dubai
Bank of America has been one of the strongest international banks in Dubai. The founding of the Dubai branch of the Bank of America that has opened its doors to the public in 1994 is the result of the high American population, which lives in Dubai. Let us now see what this bank can offer for its clients.
Bank of America is one of the second largest banks of the United States and has branches all over the world, in 40 countries, and according to the statistics, it is the third largest company in the world. The bank in Dubai generally deals with American customers who have higher revenue that they can invest; and therefore, they mainly deal with exclusive type of personal banking. Bank of America in Dubai deals equally with both high-revenue companies and higher classed individuals. Bank of American does not operate a normal bank in Dubai but operates a representative office that deals with all sorts of enquiries and investment advices for the American clients.
Bank of American has all sorts of diverse services for its clients in connection with regular banking procedures just like dealing with the bank accounts and credit or debit cards, it deals with all sorts of loans starting from credit cards offering to mortgage, refinance and home equity and car loan possibilities. Merrill Lynch that offers all sorts of investment possibilities starting from Self-Directed Investment, Wealth Management and all sorts of such services, which aim those with a higher income to invest in the diverse options offered, by Merrill Lynch and Bank of America operates the investment segment of the bank. The Bank also offers diverse Trust investment chances through Merrill Lynch. The Protect segment of the Bank offers all sorts of insurance possibilities for their clients from car to personal insurance possibilities. Needless to say that the high profile credit cards also offer personal and even travel insurance possibilities for the cardholders. It is important to highlight the banks protection plans against identity theft and credit (cards). Bank of America also offers diverse plans through its Plan Centre. These plans offer various solutions and financial planning for people of different age. There are Student plans, Retirement Plans yet there are also diverse investment and aimed advising for investing in properties and even for buying a car.
Bank of America used to be one of the best international banks operating in Dubai and one of the most important international banks that have recently either pulled out or cut their operations especially in terms of loans.
Bank of America has recently cut its operations by 40% in Dubai, along with other international banks, such as Deutsche Bank and HSBC. The reason for this according to Bank of America is that Dubai is changing conditions and making retail costs higher. This, together with the pulling out of the French banks, which used to be the main creditors in the area, means quite a hit to the financial state of Dubai. This is due to the recent worldwide financial crisis yet we hope that this problem will soon be solved and therefore all the international banks would flourish again in Dubai.
Banks of Dubai:
Abu Dhabi Islamic Bank, Arab Bank Dubai, Bank of America Dubai, Bank of Baroda Dubai, Barclays Bank Dubai, Citibank Dubai, Commercial Bank of Dubai, Deutsche Bank Dubai, Dubai Islamic Bank, Emirates NBD, First Gulf Bank, Habib Bank Dubai, HDFC Bank Dubai, HSBC Bank Dubai, Mashreq Bank Dubai, Noor Islamic Bank, RAK Bank Dubai, Samba Bank Dubai, SBI Bank Dubai, Standard Chartered Bank, Union Bank of India
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