Royal Bank of Scotland: High financial opportunities lie in the Middle East

It is the prediction of Royal Bank of Scotland, one of the world's leading financial services companies. The position of the bank is proved by the workforce politics. It has not cut its workforce here and has around 2,800 employees in this region. As Colin Macdonald, the bank's head of Middle East operations, noted RBS sees a great potential in the UAE markets. Moreover, it has launched a new credit card named RBS Williams Platinum Credit Card that is targeting motor racing enthusiasts looking forward to the Abu Dhabi Formula One Grand Prix next November. This card is considered one of the initiatives the bank has planned for 2009.

According to Burhan Khan, country head retail banking, the credit card business forms 20-25 per cent of the bank's business in the region. Even as customers are hesitant to take credit risks and attempting to restrict spending, it is believed that credit cards would continue to be a mode payment. There still exists a population segment that would require this benefit.

And as the usage of credit cards continues to grow a lot of institutions should review their credit cards policies as well as RBS. It plans to expand its footprint in the Middle East with operations in retail banking, wealth management and investment banking. Furthermore, Burhan Khan assured that regarding initiatives to boost customer confidence the bank encourages its customers to call.

Also it is noted that RBS has not cut any of the benefits or credit limits for its customers and the banks' customers would continue to get the benefits they have now.