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· Furthers NBAD's international footprint in key growth markets across the West-East Corridor - in line with strategy
· Licence will enhance NBAD's ability to service Corporate and Financial Institution clients in India from its new branch in Mumbai
· Branch to benefit from new pan-India corporate loan portfolio worth around USD 900 million, acquired from RBS
Abu Dhabi, UAE: The National Bank of Abu Dhabi PJSC ("NBAD") today launched banking operations in India. This will enhance the Bank's ability to service Corporate and Financial clients across the country and provide more capital to businesses in the growing Indian market. NBAD now has a presence in 18 countries around the world.
The India branch, located in Mumbai, will provide wholesale banking services, covering areas of debt origination and distribution, project finance, trade finance and asset finance. The branch will offer expert advice in each of NBAD's five key industrial sectors: energy, real estate, financial sector, transport and aviation, and retail.
Alex Thursby, Group CEO, NBAD, said, "Setting up in India is an important milestone in NBAD's expansion across the West-East Corridor, and demonstrates the UAE's strengthening ties with its second largest trading partner. The size of the economy, along with its rapidly growing consumer class, make India a vitally important market to our clients and to NBAD. Indian government and Indian businesses recognise that growth will come from further investment in infrastructure where the level of investment required over the next three years is over USD 1 trillion. NBAD is committed to facilitating the flow of capital into and from India through its network across the West-East Corridor."
NBAD has been granted a full banking licence by the Reserve Bank of India. The opening of the Branch comes as NBAD completed the migration of an Indian corporate loan portfolio worth around USD 900 million from Royal Bank of Scotland plc.
Rajeev Pant, Regional CEO for South Asia, NBAD, commented, "Local and international banks have an important role to play alongside the Indian government in setting in motion public-private partnerships and reviving stalled projects to meet India's infrastructure development needs. NBAD is well positioned to facilitate investment towards infrastructure projects and contribute to India's future growth potential."
Reiterating the strategic rationale for launching in India, Alex Thursby said, "Our on-ground presence will strengthen our long-standing relationships with Indian corporates and allow us to extend their reach into not just the UAE but across the entire West East Corridor. Mumbai is one of the world's megacities, and lies in the fastest growing region in the world, underpinned largely by the Indian economy."
NBAD has been strategically developing its wholesale banking platform along the West-East Corridor, the great growth region of the world that stretches from West Africa to East Asia and which Abu Dhabi is at the heart of. Following this launch, NBAD plans to develop its relationship with key Indian corporates, expand its value offering to include, not least, treasury services, and grow the portfolio significantly.
As part of the launch ceremony, NBAD will host in the evening the fourth Global Financial Market Series ("GFMS") event to discuss "India on the rise: Funding the infrastructure build". Held at the Taj Mahal Palace Hotel, the forum will see Zia Mody, Managing and Founding Partner AZB; Seshagiri Rao, Joint Managing Director and CFO of JSW Steel Limited; and Alex Thursby, Group CEO of NBAD, address the issues and opportunities relating to investment and financing of infrastructure development projects in India. This included the benefits of greater collaboration with relevant organisations across the West-East Corridor.
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About NBAD
The National Bank of Abu Dhabi (NBAD) has one of the largest networks in the UAE, with an expanding network of 125 branches and cash offices and more than 585 ATMs across the country. NBAD's growing international network consists of about 60 branches and offices in 18 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.
For further enquiries, please contact:
Michael Miller Fadeela Khamis
Head of Investor, Media & Public Relations Manager, Media & Public Relations
Email: michael.miller@nbad.com Email: fadeela.mohamed@nbad.com
Tel: +971 2 611 2355 Tel: +971 2 611 1511
Mobile: +971 50 619 7116 Mobile: +971 56 616 2265
© Press Release 2015
