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Local news - Economy

CBOS approves increase of Al-Nilein Bank-Abu Dhabi's capital

Khartoum, Oct. 12 (SUNA) - The Central Bank of Sudan (CBOS) has endorsed augmentation of the capital of the Branch of Al-Nilein Bank in Abu Dhabi to enable it to play a greater role in providing and importing strategic goods with easy facilities in the light of lifting the economic embargo on Sudan .
It is worth mentioning that the bank was established in 1976 and started banking operations in the UAE in 1977 with a capital of 40 million dirhams. The bank remained operating in the banking field and providing its services until its capital increased at 100% to 80 million dirhams. In accordance with its current plan, the capital will increase gradually to reach, by the end of this year, to 120 million dirhams.
It should be noted that Al-Nilein Bank has opened the branch in Abu Dhabi within the geographical spread plan and due to Abu Dhabi's trade and population weight as well as the existence of a large number of Sudanese companies, which is in the interest of both countries.