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In yet another indicator of the growth in economic sentiments in the country, the number of automatic teller machines, ATM, operated by banks in the UAE hit a total of 5261 by end of June, an increase of 42 facilities from 5219 in the same month in 2017, according to CBUAE statistics.
The continued rise in ATMs in the country reflects the UAE banking sector's commitment to forging ahead with its plans to automate services in a way that optimises costs and streamlines business.
On a different note, Central Bank statistics released recently on the latest financial developments in the country indicated that the number of national banks declined from 23 to 22 by the end of June as a result of the merger of the National Bank of Abu Dhabi and First Gulf Bank into First Abu Dhabi Bank, FAB. The number of bank branches decreased from 816 to 755 during the same monitored period. Following suit, electronic service units operated by these banks dropped from 36 to 32 and money exchange companies from 61 to 48.
GCC banks operating in the country remained 6 with 4 branches, while foreign banks increased from 20 to 21, with 77 branches against 81 in the same monitored period.
By the end of Q2, 2018, the number of financial entities operating under the UAE Central Bank's mandate and supervision, reached 12 commercial banks, 99 bank representation offices, 26 financing companies, 128 money exchange firms and 11 brokerage bureaus.
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