Abu Dhabi/Paris (July 16, 2013)
The National Bank of Abu Dhabi-Paris (NBAD-Paris) has launched a 1 billion euro French Certificate of Deposit (CD) program which offers greater diversification to institutional investors and corporate treasuries.
The multi-currency CD is issued under the STEP (Short Term European Papers) label, giving the program eligibility as collateral for European Central Bank operations. The CD, which is offered in euro, British pounds, US dollars and Swiss francs, is a short-term program with a maturity of up to 365 days.
"This CD program expands NBAD-Paris' range of products to our core clients who are major corporate companies and investors" says Fadi Halout, the General Manager of NBAD-Paris. "As NBAD-Paris continues to expand our client base, we are introducing innovative products and services to meet the increasing demands and needs of our clients."
The maximum amount to purchase under this program is 1 billion euro. The interest rate depends on maturity period (from 1day to 1 year), and the currency it is issued under. The rate would be aligned with other short-term papers issued by NBAD, such as Euro-CP or London CD.
"This CD program offers geographical diversification to French investors who also appreciate NBAD's top rating and safety," says Reynald Nicod, the Treasurer at NBAD-Paris.
NBAD has been ranked by Global Finance one of the World's 50 Safest Banks since 2009. The Bank is rated senior long term/short term A+/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 Middle Eastern financial institution.
NBAD-Paris was launched in 1979. It is part of NBAD's international network, which spans 19 countries across five continents from the Far East to Americas.
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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 since 2009, NBAD currently operates across 19 countries on five continents. NBAD has a network of 125 branches and more than 580 ATMs to provide banking services to customers all over the UAE. Besides bricks & 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 China and Hong Kong in the Far East to Malaysia in the South East; Oman, UAE, Kuwait, and Bahrain in the G.C.C.; Jordan and Lebanon in the Levant; Egypt, Sudan, South Sudan and Libya in Africa; France, Switzerland, Channel Islands, and UK in Europe; Brazil in South America, and the USA in North America. NBAD has a strategy to expand to 41 countries by 2022.
NBAD provides its customers with a wide variety of financial services targeting all segments of the consumer and corporate markets.
NBAD aims to support the long-term prosperity of our people, our customers and the communities in which we do business by being transparent and responsible. The Bank is ranked 3rd on the S&P/Hawkamah ESG Pan Arab Index out of the top 50 Pan Arab companies based on their performance on nearly 200 environment, social, and governance metrics.
NBAD is rated senior long term/short term A+/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 Middle Eastern financial institution.
For media enquiries, please contact:
Ehab Khairi
Senior Manager, Media & PR - VP, Corporate Communication
National Bank of Abu Dhabi (NBAD)
Tel: +97126111190
Email: ehab.khairi@nbad.com
Web: www.nbad.com
© Press Release 2013
