NBAD to set up 8 international hubs
Abu Dhabi, October 31, 2013
National Bank of Abu Dhabi (NBAD) aims to become the largest, safest and best performing bank in UAE and GCC, the bank’s CEO said outlining its expansion strategy.
Alex Thursby, who became the group chief executive officer of NBAD in July, said the bank plans to establish eight banking hubs in major cities and five franchises in the largest and fastest growing economies in West-East corridor.
Thursby is spearheading strategies built around three geographical pillars: 1. Home Market - to build the largest, safest and best performing bank in the UAE and overtime in GCC; 2. Wholesale - to deepen wholesale network across the West-East Corridor and integrate the bank’s European and North American platforms into this network; and 3. Build five international bank franchises in the largest and fastest growing economies in the West-East Corridor.
The banking hubs will be set up in Abu Dhabi, Mumbai, Lagos, Singapore, Hong Kong, London, Paris and Washington DC.
The bank’s West-East Corridor strategy will utilise UAE’s and NBAD’s strong fundamentals as well as the country’s strategic location to tap into the growing economies that span from West Africa across to East Asia, the bank said.
The ‘Corridor’ includes increasingly important economies in the Mena, the Indian Subcontinent, Southeast Asia and greater China regions. This region represents vast potentials with unlimited resources, growing economic activities, and an emerging middle class, it said.
NBAD’s Wholesale Banking has identified five sectors that align to the bank’s strategy as financial institutions: energy, aviation and transportation, real estate, family conglomerates and retailers.
NBAD, which has the widest international network among UAE banks with operations in 18 countries, will continue to strengthen its European and North American platforms. However, its growth concentration is focused on emerging markets in West-East Corridor where economies grow faster than in developed markets, the bank said.
To strengthen NBAD’s position to achieve these strategies, the bank implemented transformations in the third quarter, including re-alignment of businesses.
“To streamline our operations, one priority area is to build an organisation structure that is simple and scalable, with no duplications,” said Thursby. “NBAD’s objective is to be core to our chosen customers and successfully execute our strategy. Early momentum has continued and we are implementing our new structure with pace across the Group and I am pleased with how smooth the transition is progressing,” said Thursby. – TradeArabia News Service
More Finance & Capital Market Stories
- KFH completes ICT project upgrade
- Egypt urban annual inflation slows to 9.8pc
- BIBF signs deal with Palestinian institute
- Bahrain’s GDP set to expand 12pc
- KFH-Bahrain rebrands priority banking
- Bank Nizwa wins top Islamic bank award
- Qatar labour costs may jump: IMF
- Kuwait Q3 trade surplus hits $23bn
- Dubai trade growth up 7.6pc to $362bn
- Deloitte appoints new managing director
- Al Ramz tops UAE trading in Feb
- IFC in $150m loan deal with Bank Audi
- SME funding focus for Abu Dhabi forum
- Insurance House posts second year of profit
- ETF global assets hit record $2.44 trillion
- Bahrain firms plan IPOs
- Serbia wins $1bn Abu Dhabi loan
- Key equity banker resigns from Saudi Fransi
- DMCC to boost Islamic commodity trade with tie-ups
- IDB, KIA units to invest in Morocco
- First Gulf to set up $1bn sukuk in Malaysia
- Singapore’s UOB Bullion and Futures joins DGCX
- Infrastructure investment ‘key to growth’
- BKIC declares 30pc dividend
- StanChart profit falls 16pc in 2013
- Veteran Saudi banker to head AMF
- Dubai World prepays $284m to creditors
- EFG-Hermes sells Damas stake to Mannai
- Ultra rich number to grow 35pc in Mideast
- Saudi IPO market 'set for big year'