The National Bank of Abu Dhabi (NBAD), the Number One Bank in the UAE, opened a new business banking centre in Abu Dhabi’s Mina area in heels of the Bank’s success in acquiring new small- and medium-sized enterprise (SME) clients in 2011.
HE Mohammed Omar Abdullah, Undersecretary of the Department of Economic Development - Abu Dhabi (DED), and NBAD board member; Saif Ali Al Shehhi, the Senior General Manager of the Domestic Banking Division of NBAD and senior executives of the bank inaugurated the new business centre.
“We have significantly increased accounts, deposits and loans so far this year. This has been accomplished through the many SME-exclusive new products and services the National Bank of Abu Dhabi launched this year as well as our business banking centres that serve this sector,” said Haitham AlRefaie, the Head of Business Banking Group at NBAD. “This shows that SME sector is still under-penetrated by the banking industry; however, NBAD continues to focus on serving it, which offers a valuable service to SMEs, who are the backbone of the economy; and provides the Bank a solid vehicle for growth.”
In the first half of 2011, NBAD acquired about 3,000 new SME accounts and increased SME deposits by AED 1.15 billion; and loans rose by AED 400 million.
“The business banking centres that we have been opening since the beginning of the year have been very crucial in our strategy to serve SMEs because these centres are specifically designed and staffed to serve this segment,” Mr. AlRefaie said.
The newest NBAD business banking centre is the Bank’s first inside the Island of Abu Dhabi and the fifth in the UAE. It is located within the NBAD Mina Branch.
NBAD launched its first business banking centre in February 2011 in Abu Dhabi Industrial City (ICAD) and followed with new centres in Al Ain, Jebel Ali and Sheikh Zayed Road in Dubai.
In addition to the centres, NBAD has launched several SME-oriented products and services that include Rent Finance, Visa Business Credit Card, as well as several partnerships.
Recent statistics reveal that SMEs account for more than 46% of the UAE's GDP and around 90% of all businesses in the country.
“NBAD plans to have 14 dedicated business banking centres throughout the UAE by the end of 2011, which is in line with our strategic objective to serve this significant sector,” Mr. Al Refaie said.
NBAD plan to launch two (2) more business banking centres in Dubai and one in each of the Emirates of Sharjah, Ajman, Ras Al Khaimah/Umm Al Qaiwain, and Fujairah this year.
Business Banking Group at NBAD provides optimal solutions for financial transactions of all companies operating in the commercial segment through the Bank’s extensive branch network in the UAE and specialised products. NBAD offers world class services in Export Letters of Credit, advising LCs, Discounting of Export Documents, Transferrable LC, negotiation and discounting of Documents, Assignments.
Mr. Al Refaie added. “NBAD is an integral part of UAE fabric and is fully committed to the Government’s initiatives and plans to support SMEs and UAE economy.”