National Bank of Abu Dhabi ("NBAD"), one of the largest banks of the United Arab Emirates ("UAE"), announced the launch of its first branch in Hong Kong, heralding the beginning of its operations in Asia. NBAD is the banker to the Government of Abu Dhabi, which owns 70.48% of the Bank's equity through the Abu Dhabi Investment Council.
Founded in 1968 and listed on the Abu Dhabi Securities Exchange, NBAD has the largest international presence with 45 branches in 11 countries located in Oman, Kuwait, Bahrain, Egypt, Sudan, Libya, United Kingdom, France, Switzerland, a wholly owned subsidiary in the USA and now a full commercial Branch in Hong Kong. The bank is due to open a full-fledged commercial branch in Jordan in January 2010.
Furthermore NBAD enjoys a leading domestic franchise with a massive network of 95 branches spread throughout the country. On the back of high oil revenue receipts and increased economic activity in its domicile, NBAD enjoys one of the strongest combined ratings among the Middle Eastern and North African ("MENA") financial institutions: Moody's Aa3; Standard & Poor's A+; Fitch AA-.
Commenting on this significant move, Group Chief Executive of NBAD, Mr. Michael Hardwick Tomalin, said "I'm delighted that Hong Kong, with its strategic importance as a regional hub, is the location for our first branch in Asia. The move demonstrates our confidence in the local market and in our ability to provide excellent products and services in the region."
Mr. Tomalin continued, "This is a major milestone for NBAD. We will bring the same enthusiasm and passion that we apply in the UAE to help us succeed in the Hong Kong and Asia markets, as we aspire to become the Number One Arab Bank worldwide. Hong Kong offers vast opportunities, in view of the ideal gateway it provides to Asia's rising economies."
With nearly a half-century of experience and leading brand awareness, NBAD is widely recognised in the UAE and the MENA region. According to Global Finance magazine (April 2009), NBAD has been rated one of the world's 50 safest banks. In addition, NBAD has been recognised as a super brand by Superbrands, the independent authority and arbiter on branding, as well as being named the 'Best Bank in UAE' by the Euromoney.
Senior General Manager, International Banking Division of NBAD, Mr. Qamber Ali Al Mulla commented, "Building on our success and expertise in the UAE and the Greater MENA region, the Hong Kong Branch will serve as a gateway to the UAE and the MENA region for our clients in Asia.
Utilising its international network located in Asia, MENA region, Europe and the USA, the bank aims to provide its clients with a comprehensive, professional and truly global financial service.
Closer to home, the bank is strategically positioned to capture the trade and investment flows between the UAE and the MENA region, and Hong Kong, China and other key Asia economies."
"Run by talented and experienced professionals, the new branch will represent a valuable addition to NBAD's overseas network, and keep pace with the global trends and standards for providing customers with innovative, customer-oriented products and services", Mr. Al Mulla added.
Building on the wide spectrum of services and products available in the UAE, the Bank is offering a selection of services such as commercial and corporate banking, trade finance, treasury, correspondent banking and selective personal banking services, in order to meet the needs of clients in Hong Kong, China and the region, which include financial institutions, corporate, government institutions and quasi-government bodies as well as selective private customers.
Mr. Ernest Law, Regional Manager Hong Kong, NBAD, said, "We are delighted to be the first Arab bank to acquire a full banking license in Hong Kong, which demonstrates our commitment to the local market and to serving our clients in this part of the world. Given its strategic location, Hong Kong is well placed to be the regional hub to serve the Bank's future business expansion into the rest of Asia. With our expertise and experience, we aspire to become our clients' bank of choice for supporting their business interests in the UAE and MENA region and in major financial centres."
Mr. Tomalin concluded, "We are proud to stand by our stellar reputation and know that clients want to do business with a bank that they can trust. We look forward to great success in Hong Kong and Asia."
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About NBAD
The National Bank of Abu Dhabi (NBAD), The Number One Bank in the UAE, was incorporated in 1968. NBAD has a network of 95 branches in the UAE in addition to Cash offices that are spread out at remote locations to provide banking services to customers stationed at offshore oil operations and in desert locations as well as other government organizations. NBAD also has three Shift offices inside the security areas of the Abu Dhabi International Airport providing currency & traveler's cheques exchange services.
The branch network is widened further with over 330 ATMs through which customers perform a variety of transactions.
Besides brick & mortar branches, NBAD provides 24 hour internet banking accessibility through NbadOnline and NbadDirect, as well as account access and personalized customer support through the 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, London, Paris, and Geneva in Europe to Washington D.C. in the U.S.A.
The bank provides its customer with a wide variety of financial services targeted at all segments of the retail and corporate market in addition to Fund Management, Brokerage, Leasing, Property Management businesses and Private Banking.
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 one of the strongest combined rating of any Middle Eastern financial institution.
NBAD is an award winning leader in the UAE and GCC financial services industry. NBAD was recently awarded the prestigious the 'Best Bank in UAE 2009' from Euromoney, 'UAE Corporate Governance Award' by Hawkamah, Institute of Corporate Governance, the Human Resources Development Award in Banking Sector from Emirates Institute of Banking & Finance Sector, the Mohammed Bin Rashid Al Maktoum Business Award, 'Best Bank in UAE' from emeafinance, and Best Personal Loan in product category by The Banker Middle East publications. In previous years, NBAD has also won other prestigious awards such as the Sheikh Khalifa Gold Award, the Dubai Quality Award, the Middle East Excellence Award 2008, ACN Arab Technology Award for the Banking & Finance, CIO Award of The Year, the 'Best Bank in UAE' from Euromoney and Banker publications, 'Human Resources Development Award' from the Emirates Institute for Banking & Financial Studies, the 'Middle East e-Banking Country Award', the 'Outstanding use of IT in Financial Services Award, and excellence award for 'Best use of Technology' from Banker Middle East.
The bank has been recognized as a "Super Brand" by Superbrands, the independent authority and arbiter on branding.
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 2009
