The Commercial Bank of Dubai (CBD) is on the expansion path, with a new headquarters under construction and plans in the pipeline to open new branches in the UAE.

Established in 1969, the bank was at first jointly owned by Commerzbank, Chase Manhattan Bank and the Commercial Bank of Kuwait, with UAE businessmen holding a minority stake.

In 1982, the bank reached a major milestone in its development when it transformed itself into a national public shareholding company, leading to a major restructuring of its operations and an increase in its capital base. This represented a major turning point in the bank's history as in addition to the increase in capital, the government of Dubai became a major shareholder.

Over the years, CBD has built itself into a progressive and modern banking institution, endowed with a strong financial structure and strong management, as well as a loyal and ever-increasing and correspondent base.

In 2000, CBD reported a record net profit of Dh201.4 million ($53.64 million) with a return on equity of 16 per cent and total assets of Dh7.144 billion.

CBD is a full service bank that offers its customers a full range of retail and commercial banking services. With a network that includes 16 branches and four cash offices, the bank covers the entire UAE with 11 branches in Dubai and one each in Abu Dhabi, Sharjah, Ajman, Ras Al Khaimah and Al Ain.

Today, the bank has a share capital of Dh451 million. Its shareholders consist of UAE nationals (80 per cent) and the Government of Dubai (20 per cent).

The bank says its priorities in the coming years is to increase its share in the local and regional markets, strengthen its capital base, maximise return on equity and benefit from the latest technology in order to keep abreast with the latest developments in the international financial services industry.