Abu Dhabi/Shanghai - The National Bank of Abu Dhabi (NBAD), the Number One Bank in the United Arab Emirates (UAE), has opened its Shanghai Representative Office, in the People's Republic of China.
The launch of the NBAD Shanghai Representative Office raises NBAD's active operations to 14 countries, and its second in the Far East following the launch of NBAD-Hong Kong in 2009.
"The opening of the Bank's operations in mainland China is in parallel with the UAE's increasing role as the enabler of commerce between east and west," said Qamber Ali Al Mulla, the Senior General Manager of the International Banking Division of NBAD.
NBAD's expanding global network now spans across four continents from China and Hong Kong in East Asia to Oman, UAE, Kuwait and Bahrain in the Gulf Cooperation Council; Jordan in the Levant; Egypt, Sudan and Libya in Africa; Switzerland, France and the UK in Europe, and the United States in North America.
"NBAD's expansive international network would offer clients in the UAE, China and beyond a comprehensive, professional and truly global financial service," said Mr. Al Mulla. "Closer to home, NBAD is strategically positioned to capture the trade and investment flows between the UAE and the MENA region and Hong Kong, China and other key Asian economies."
The NBAD Shanghai Representative Office is located in the Pudong District, the financial and commercial hub of China's largest city. It reports to the Bank's operation in Hong Kong, headed by Ernest Law, the Regional Manager of NBAD-Hong Kong.
"The Shanghai Representative Office complements NBAD-Hong Kong to give NBAD the edge for greater business expansion into the rest of Asia. With our expertise and experience, we aspire to become our clients' bank of choice in supporting their business interests in the UAE, GCC and MENA region and major financial centres around the world," said Mr. Law.
NBAD has been ranked since 2009 one of the World's 50 Safest Banks by the prestigious Global Finance.
In 2011, NBAD's international operations increased its operating profits by 26% from 2010, contributing AED741 million (US$202m) to the Bank's AED 5.3 Billion ($1.4 Billion) operating profits, which represents a contribution of 14% to the total.
NBAD has obtained a banking license in Malaysia and will shortly open for business. The Bank has further expansion plans including Lebanon, Iraq, India, South Sudan and other key destinations in MENA and beyond.
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 123 branches and more than 550 ATMs 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.
NBAD Investment Management (DIFC) Limited is regulated by the DFSA.
For further enquiries, please contact:
Ehab Khairi
Media & PR Manager
National Bank of Abu Dhabi
Tel: +97126111190
Email: ehab.khairi@nbad.com
Web: www.nbad.com
Press Release 2012
