Yemen Monitor / Aden / Exclusive:
The Yemen Commercial Bank for Reconstruction and Development (YCBRD) has announced its readiness to resume banking operations from Yemeni temporary capital, Aden, one year after relocating its headquarters from Sanaa, which remains under Houthi control.
On Tuesday, the bank’s Board of Directors held its first meeting with the Governor of the Central Bank of Yemen, Ahmed Al-Maabqi, to review efforts aimed at regularizing the bank’s legal and operational status. The meeting also discussed progress in preparing banking and operational systems and completing institutional restructuring to ensure an efficient and effective resumption of activities.
The bank had officially announced the relocation of its headquarters to Aden in July 2025, stating at the time that the move was intended to safeguard the institution’s interests and ensure the continuity of its financial services.
During the meeting, the bank’s leadership explained that significant technical efforts had been undertaken to secure its systems and retain staff throughout the transition process. They noted that these efforts received substantial support from the Central Bank of Yemen, which reaffirmed its commitment to assisting the bank in overcoming current challenges and entering a new phase of operations.
Governor Al-Maabqi described the bank as a longstanding national financial institution that holds a special place among Yemenis and has been closely associated with the country’s development and reconstruction efforts since the September 26 Revolution of 1962. He emphasized the importance of enabling the bank to regain its leading position within Yemen’s banking sector.
The bank’s Board of Directors and executive management reaffirmed their commitment to completing institutional development requirements and improving banking performance in a manner that enhances customer services and contributes to economic activity and national development.
The meeting was the bank’s first formal engagement with the Central Bank since the relocation decision in July 2025. The year-long gap before the announcement of operational readiness has raised questions regarding the reasons for the delay in fully resuming banking activities from Aden.
Previously, the bank stated that the relocation was undertaken to protect its interests, maintain service continuity, comply with directives from the Central Bank of Yemen and international requirements, and respond to measures issued by the U.S. Department of the Treasury, which had placed several entities operating in Houthi-controlled areas under sanctions and international monitoring.
Founded on October 28, 1962, the Yemen Commercial Bank for Reconstruction and Development was the first national commercial bank established in Yemen. Ownership is divided between the Yemeni government (51%) and the private sector (49%).
The bank was launched as a public shareholding company with an initial capital of 10 million Yemeni riyals. During the early years following the revolution, it effectively performed functions similar to those of a central bank, managing banking operations and financing government needs for approximately a decade, from its establishment until the early 1970s.
