Abu Dhabi: The National Bank of Abu Dhabi (NBAD), the Number One Bank in the UAE, announced TODAY distribution of dividends for the first time to its NBAD UAE Distribution Fund - Mizaat (UDF) investors with the option to reinvest the dividend in lieu of a cash payout.
Accordingly, UDF Management would distribute dividend payout for the first half of 2010 of 2% of the Unit NAV as of July 1, 2010. UDF managers elected to offer investors the Dividend Reinvestment Option allowing investors the choice to convert their dividend to units in the Fund.
"Our primary goal is to optimise benefits for our investors; we believe one way to do that is by giving them the choice to reinvest their dividend into the fund and increase their share in UDF," said Saleem Khokhar, the Senior Fund Manager of UDF at NBAD's Asset Management Group. "A testament to the success of the UDF is that it is delivering dividend to investors while providing exposure to a blend of asset classes."
UDF, created in 2006, is managed by NBAD's Asset Management Group which aims to provide investors returns over the medium term by investing in a blend of fixed income, real estate, and equities, with emphasis on dividend growth and stable recurring income streams. UDF managers seek returns over the medium-term via active management of asset classes, sector rotation, and stock picking. While the UDF managers primarily invest in the UAE markets, they do not overlook opportunities across the MENA region.
NBAD's asset Management Group manages assets of about AED5.2 billion, making it one of the largest of its kind in the UAE. It introduced the region's first Exchange Traded Fund (ETF), 1UAE Share, which began trading in the Abu Dhabi Securities Exchange (ADX) on March 25, 2010.
All UDF unit holders as of June 13, 2010 will receive dividends and the Dividend Reinvestment Option automatically will apply to all investors unless they opt out of it. Investors who elect to receive cash dividends instead of units in the Fund must inform Fund managers by June 24, 2010. Investors who choose to take advantage of the Dividend Reinvestment Option do not need to take any action.
Further information can be obtained either at www.nbad-amg.com or nbadudf@nbad.com
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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 100 branches 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.
The branch network is widened further with more than 330 ATMs through which customers perform a variety of transactions.
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 in addition to fund management, brokerage, financial markets, leasing, property management and private banking businesses.
The bank is organised into various client-focused divisions. They are the UAE Domestic Banking, International Banking, Financial Markets, Corporate and Investment Banking, Abu Dhabi National Islamic Finance (ADNIF), and Global Wealth comprising of Private Banking and Asset Management Group, and the wholly owned stock brokerage company Abu Dhabi Financial Services (ADFS). The Bank's wholly owned subsidiaries, Abu Dhabi National Leasing Company (ADNL) and Abu Dhabi National Properties (ADNP) are part of the Corporate and Investment Banking division.
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.
Committed to the service of the UAE society, NBAD has a written Corporate Social Responsibility Mission, which forms an important element of the Bank's overall strategy.
NBAD is an award winning leader in the UAE and GCC financial services industry. In 2009, NBAD won the prestigious UAE Corporate Governance Award by Hawkamah, Institute of Corporate Governance; the Human Resources Development Award in Banking Sector from Emirates Institute for Banking and Financial Studies; Best Bank in the UAE for the third time in the last 10 years from Euromoney; Retail Bank of the year from Arabian Business; Best Personal Loan in the Middle East from Bankers Middle East; Best Local Bank in the UAE from emeafinance; Deal of the year from Project Finance Magazine; Best Company for Investor Relations in the UAE from Middle East Investor Relations Society; Corporate Finance, Structured Finance & UAE Deal of the year from Islamic Finance News; and Strategic Banking Web Award from the Pan- Arab Web Academy.
The Bank was ranked in the World's 50 Safest Banks in 2009 by Global Finance and recognised as a superbrand by Superbrands, the independent authority and arbiter on branding.
In previous years, NBAD has also won other prestigious awards such as the Sheikh Khalifa Gold Award, the Mohammed Bin Rashid Al Maktoum Business 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 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.
NBAD, The Number One Bank in UAE, is poised for further growth in line with its Vision - To be the Number One Arab Bank.
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 2010
