2003
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MeMiles boasts best programme
MeMiles, the new frequent flyer points programme with MeBank cards, says it has the best deal in the UAE with a wide choice of frequent flyer programmes to choose from and transfer of MeMiles to existing programmes with major airlines. MeMiles also never expire.
Citibank imposes ATM charges
Citibank UAE is imposing charges for ATM withdrawals, reported Gulf News. The bank is also imposing fees on accounts which fall below a Dhs35,000 balance, instead of Dhs10,000. Stop cheque charges have also been raised from Dhs50 to Dhs100 per cheque.
UAExchange, money majlis
The UAExchange is running a prize draw until the end of this month with a free entry for every transaction worth more than Dhs200. There are 100 gift vouchers of Dhs1,000 and a grand prize voucher of Dhs100,000 which is to be announced on January 3.
DIB, three new branches
The Dubai Islamic Bank is to open three new branches in Dubai and Sharjah, raising the total to 19 in the UAE. CEO Butti Khalifa bin Darwish Al Falasi said the opening of new branches was part of expansion plans aimed at consolidating the bank's presence across the UAE.
UAE expat falls for African scam
A Pakistani businessman living in Abu Dhabi who fell for an African email con-trick has lost USD10,000, reported Gulf News. He was offered 10 per cent of a USD15.5m deposit and first travelled to South Africa before discovering that the deal was not solid. The money lost was in expenses which was all the conmen wanted.
Aman, DIB healthcare cover
The Dubai Islamic Insurance and Reinsurance Company and Dubai Islamic Bank have entered an alliance to provide DIB employees with healthcare cover. Aman Managing Director Hussain Al Meeza said healthcare was increasingly seen as a benefit for employees.
Omani bank, first SMS service
Bank Dhofar Al Omani AL Fransi has become the first bank in the Sultanate to provide an SMS messaging system for clients. This free service offers account balances, transaction details, salary transfer, currency exchange and deposit rates and utility bill payments.
US dollar warning to investors
The last time the US dollar collapsed in the mid-1980s the stock market crash of 1987 followed. But Wall Street has fallen in love with a post-war stock rally. This could end in tears if there is a sudden rush to get out of the US dollar, predicted a few gloomy analysts this week.
Visa chief predicts card boom
The new head of Visa Middle East, Kamran R. Siddiqi told AME Info that he is very excited about the prospects for the next few years with 30-40 per cent growth per annum. But he predicted that fee competition will put profits under pressure for some banks (see Executive Interview).
HSBC rebrands private banking
HSBC is to adopt HSBC Private Bank as the worldwide name for its principal private banking businesses from January 1. The move reflects the growth in scale and complexity of HSBC Private Bank which has 5,000 staff serving 100,000 clients and funds under management of USD255bn.
NBAD, online remittances
National Bank of Abu Dhabi has extended its Internet banking to allow customers to remit their funds around the world. In addition to 24 hours local and foreign exchange remittances at competitive exchange rates, customers get a discount on remittance charges, along with preferential AED/USD exchange rates.
Mashreqbank, Ghusais branch
Mashreqbank has opened a new branch in the Ghusais industrial district on the main Baghdad Road in Dubai. It features an ATM, phone banking and online banking kiosk. The branch also follows Mashreqbank's extended opening hours and closes at 4.15pm on weekdays.
NBAD, student banking
The National Bank of Abu Dhabi has launched student banking open to ages 18 to 24 years. Student bank accounts have no monthly charges, a choice of ATM card designs, no minimum balance, no-fee credit cards and exclusive discounts at selected stores. For details visit, www.nbad.com.
Dubai Bank, 50pc more rewards
Dubai Bank boasts that its credit card reward scheme offers 50 per cent more value than the same purchases completed on any other card. Until November 2004 cardholders get back 1.5 DubaiDinars for every Dhs1 spent, and thereafter 1 DubaiDinar.
Mashreqbank, Delta SkyMiles
Mashreqbank is offering Delta Airways SkyMiles exclusively to its credit cardholders, as the UAE's credit card issuers battle for the skies. The SkyMiles can also be redeemed with Delta partners, Air France, Alitalia, Emirates, Singapore Airlines and Virgin Atlantic.
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