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For anyone considering banking in the UAE, here’s all you need to know about them. Here you can find out how the industry came into existence decades earlier and it has been constantly evolving to cater to every financial need of UAE-based residents. UAE’s banking industry before the Union The UAE was born with a natural advantage of having an established banking sector. The history of banking in the GCC and Iran are closely linked to Imperial Bank, which is now part of HSBC. In 1946, Frank Johnson opened Dubai’s first bank, the Imperial Bank, now part of HSBC. For the past 75 years, HSBC has played a significant role in the development of the UAE; from installing the first ATM in the UAE to supporting the construction of the Sarouj Falaji and to the dredging of Dubai Creek. ....