Canadian Banks in the UAE

The Middle East is a constantly growing financial and investment market. No wonder that more and more international companies, including the ones that deal with banking, take great interest in the area and wish to expand their influence in the region. The UAE is the country of innovation that offers businessmen and investors a number of benefits. Thus, numerous international banks seek an opportunity to establish branches and representative offices in the UAE.

Canada has a reliable banking sector with longstanding tradition. The so-called “Big Five” (a nickname of a group of the most powerful Canadian banks) includes the Bank of Montreal, Scotiabank, The Royal Bank of Canada, Canadian Imperial Bank of Commerce and Toronto-Dominion Bank. Most of these Canadian banks are represented in the UAE.

Scotiabank or Bank of Nova Scotia is one of the three largest banks in Canada with very good international presence. The bank was founded in 1832 and is recognised worldwide as Canada’s most international bank. This Canadian bank is represented in the UAE, Dubai, and offers its clients a number of benefits like free cheque books and lockers for a year as well as zero charges within the first year after an account has been opened. It also became the first Canadian bank to operate in Dubai.

The Royal Bank of Canada which often tops the lists of the best banks worldwide is the largest Canadian bank with branches in the UAE. It was founded in 1863. Its head office in the UAE is situated in Dubai. Royal Bank of Canada is a global financial conglomerate and the twelfth biggest bank in the world in terms of market capitalization. It consists of private and commercial banking, insurance, investment and depository services as well as capital markets.

Bank of Montreal founded in 1817 is the fourth biggest Canadian bank represented at the UAE financial market and the first one to establish an office in Abu Dhabi, the capital of the UAE. The bank is widely recognised as one of the most reliable in the world. It has never stopped paying dividends to its customers even in times of the biggest world crises such as wars. The bank serves personal and commercial client groups and investment.

The growing influence of the UAE in the region and globally attracts the biggest foreign banks to the market. Canadian banks, known for their reliability, have also established branches in the UAE with offices in Dubai.

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