GCC bank plan to be taken up at forum

A proposal to set up a transnational bank with all GCC states as shareholders will be submitted to the UAE Central Bank.

Such a financial institution will present a common face to the outside world and integrate closely the financial networks in the shareholder states, said Ali Kamali, managing director of Datamatix.

"We intend to submit the proposal to the UAE Central Bank. Such a bank is not about creating a unified regulatory body once the GCC economic and monetary union comes into being," s

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