Etihad Airways, the national airline of the United Arab Emirates, has selected National Bank of Abu Dhabi (NBAD), the largest UAE lender by assets, as its Middle East Strategic partner for transactional banking services.
Under the agreement, NBAD will provide Etihad Airways with a full range of transactional banking services across multiple countries in the region, including Bahrain, Egypt, Jordan, Kuwait, Oman and UAE.
NBAD won the coveted mandate after the Abu Dhabi-based airline undertook an extensive evaluation of banks across the region. Etihad Airways' final choice reaffirms the bank's leading position in corporate banking and cash management, after its recent recognition as the 'Best Bank for Cash Management in the Middle East' by Global Finance magazine.
The agreement will enable the airline to leverage both the bank's strong Middle East presence, as well as the comprehensive cash management capabilities it has been investing in over the years.
James Hogan, Etihad Airways President and Chief Executive Officer, said: "Etihad Airways is always looking at ways to enhance operational efficiencies across the entire business. We are pleased to have entered into this agreement with the National Bank of Abu Dhabi to help drive more cost benefits for the business and give us improved leverage regionally. As Etihad Airways continues to grow, this partnership will help bring about greater economies of scale, increased operational efficiency, enhanced financial procedures and immediate solutions to local needs."
Alex Thursby, NBAD's Group Chief Executive Officer of NBAD, said: "We are delighted to have won this latest mandate from Etihad Airways along with a previous one recently for their Supply Chain Finance. This is valuable recognition of our commitment to working closely with the airline through our advisory led approach, and designing tailored solutions that best meets their needs and demands. We have the depth and breadth of product to support Etihad Airways across the Middle-East and help the company consolidate and streamline their processes."
NBAD has one of the largest networks in the UAE, with an expanding network of 112 branches and cash offices and more than 560 ATMs across the country. NBAD's growing international network consists of about 60 branches and offices in 17 countries stretching across five continents from the Far East to the Americas, giving it the largest global network among all UAE banks.
Since 2009, NBAD has been ranked consecutively as one of the World's 50 Safest Banks by the prestigious Global Finance magazine, which also named NBAD the Safest Bank in the Emerging Markets and the Middle East.
NBAD is rated senior long term/short term AA-/A-1+ by Standard & Poor's (S&P), Aa3/P1 by Moody's, AA-/F1+ by Fitch, A+ by Rating and Investment Information Inc (R&I) Japan, and AAA by RAM (Malaysia) , giving it one of the strongest combined rating of any Global financial institution. A comprehensive financial institution, NBAD offers a range of banking services including retail, investment and Islamic banking. NBAD grows strategically toward its vision to be recognised as the World's Best Arab Bank. For more information please visit our corporate webpage at: www.nbad.com.
About Etihad Airways
Etihad Airways began operations in 2003, and in 2015 carried 17.4 million passengers. From its Abu Dhabi base, Etihad Airways flies to, or has announced plans to serve, 116 passenger and cargo destinations in the Middle East, Africa, Europe, Asia, Australia and the Americas. The airline has a fleet of 120 Airbus and Boeing aircraft, with 204 aircraft on firm order, including 71 Boeing 787s, 25 Boeing 777Xs, 62 Airbus A350s and 10 Airbus A380s.
Etihad Airways holds equity investments in airberlin, Air Serbia, Air Seychelles, Alitalia, Jet Airways, Virgin Australia, and Swiss-based Darwin Airline, trading as Etihad Regional. Etihad Airways, along with airberlin, Air Serbia, Air Seychelles, Alitalia, Etihad Regional, Jet Airways and NIKI, also participate in Etihad Airways Partners, a brand that brings together partner airlines to offer customers more choice through improved networks and schedules and enhanced frequent flyer benefits. For more information, please visit: www.etihad.com
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© Press Release 2016