UAE furthers involvement in bank director appointments

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New rules set to be released by the Central Bank of the United Arab Emirates will give the regulator the power to veto the selection of new members for the board of directors at national banks.

The National, a government-owned daily newspaper published in Abu Dhabi, reported that a circular was issued on Tuesday, telling lenders they would need to seek approval before appointing board members. "We are preparing a list of requirements [board members will have to meet] according to the circular,"

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