The Bank to open two more branches in the Sultanate in 2011
Abu Dhabi- Muscat - The National Bank of Abu Dhabi (NBAD), one of the top 50 safest banks in the world, has conducted an awareness program for operational risk management and business continuity management to its staff in Oman at the Grand Hyatt, Muscat.
Operational Risk Management has become increasingly important for financial institutions and regulators. Operational risk is "the risk of loss, resulting from inadequate or failed internal processes, human behaviour and systems or from external events" as defined by The Basel Accord. The recent events occurred in several banks around the world have further highlighted the importance of operational risk management in financial as well as non-financial organisations.
"Operational Risk is the mother of all risks and warrants management and mitigation by staff at all levels in an organisation," said Dr. Lamees al Qaisi, the Head of Operational Risk Management (ORM) at NBAD Group.
NBAD, the only UAE bank operating in Oman, has opened its first branch in Muscat in 1976. NBAD has a network of 8 branches in the Sultanate and plans to double its presence to 14 branches by 2014 to keep pace with economic development in the country.
As a part of the Bank's 2011 strategy, NBAD Oman plans to open two more branches, one in the Muscat Governorate, and another in Buraimi Governorate.
"Diligent operational risk management across NBAD Oman will reap long term benefits for the Bank especially when the bank is planning to head towards expanding branch operations across the Sultanate of Oman," said Saeed AlMubarak, NBAD's Regional Manager in Oman.
NBAD believes that operational risk management is a key competitive differentiator within the regional market. The awareness program, attended by the entire staff of NBAD in Oman, provided a description of NBAD Group's model and methodology for operational risk and business continuity management. NBAD Oman ORM model has been customised to suit local regulatory requirements whilst complying with the NBAD Group framework.
The model complies also with the Basel Accord regulations and guidelines corresponding with Operational Risk. The model includes the adherence to the NBAD BCM Model as one of the Operational Risk mitigation strategies/activities. The NBAD ORM model is a sophisticated business enabling model. It is designed and developed to manage operational risk objectively and is positioned to reduce the capital charges with higher approaches. Equally the NBAD BCM Model sets a best in class approach.
NBAD's international network is the largest overseas network of all UAE local banks; It stretches from Hong Kong in the Far East; to Oman, Bahrain and Kuwait in the GCC; Jordan in the Levant; Egypt, Sudan, and Libya in Africa; the United Kingdom, Switzerland, and France in Europe; and Washington D.C. in the United States of America.
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About NBAD
The National Bank of Abu Dhabi (NBAD), The Number One Bank in UAE, was incorporated in 1968 and is listed on the Abu Dhabi Securities Exchange (ADX), under stock code (NBAD).
Ranked as one of the top 50 safest banks in the world, NBAD currently operates across 13 countries on four continents.
NBAD has a network of more than 110 branches and 430 ATMs in the UAE in addition to cash offices that are spread out in remote locations to provide banking services to customers all over the UAE.
Besides brick & mortar branches, NBAD provides 24 hour internet banking access through NbadOnline and NbadDirect, the SMS-based payment service (Arrow) as well as account access and personalised customer support through its 24-hour Call Centre.
NBAD's overseas network stretches from Oman, Kuwait, and Bahrain in the G.C.C.; Egypt, Libya, and Sudan in Africa; UK, France, and Switzerland in Europe; Hong Kong and Jordan in Asia to Washington, D.C. in the U.S.A. Overall, NBAD has nearly 50 branches and 60 ATMs outside the UAE.
NBAD provides its customers with a wide variety of financial services targeting all segments of the consumer and corporate markets.
NBAD is rated senior long term/short term A+/A-1 by Standard and Poor's, Aa3/P1 by Moodys and AA-/F1+ by Fitch giving it one of the strongest combined rating of any Middle Eastern financial institution.
For further enquires, please contact:
Ehab Khairi
Media & PR Manager
National Bank of Abu Dhabi
Tel: +97126111190
Mob: + 971508126799
Email: ehab.khairi@nbad.com
Web: www.nbad.com
© Press Release 2011
