The National Bank of Abu Dhabi (NBAD), the Number One Bank in the UAE, reached a milestone in Egypt this month with the launch of a branch on the Red Sea coast.
The new NBAD office is located in Al Kawthar area, the main banking district in Hurghada, the leading city on the Red Sea coast and a popular touristic and investment destination. It comprises a branch as well as the regional office for the Red Sea and Upper Egypt zone.
“The National Bank of Abu Dhabi entered Egypt more than 37 years ago and it remains an important and critical market to us,” said Qamber Ali Al Mulla, the Senior General Manager of NBAD’s International Banking Division. “NBAD’s aim is to be the Number One Arab Bank and therefore we will continue to look for opportunities in large Arab economies.”
NBAD has become an established brand in the Egyptian market and has positioned itself as a leading bank in the market. NBAD targets the top end of the personal banking sector and large corporation, both Egyptian and multinational. NBAD serves as the banker of choice for most UAE companies doing business in Egypt.
“NBAD continues to strategically expand its network in Egypt. The new branch serves the residents of Hurghada and holidaymakers in the resort city,” said Ahmed Ismail Hassan, NBAD’s Regional Manager in Egypt. “Being NBAD’s third branch in this important destination, it is a valuable addition to NBAD’s branch network and reflects the importance of the city.”
NBAD opened its first branch outside the UAE in Cairo in 1975. The Bank’s international operation has since expanded to nearly 55 branches in 14 countries expanding from the Far East to North America.
In 2012, NBAD launched the National Bank of Abu Dhabi Malaysia Berhad subsidiary in Kuala Lumpur, Malaysia, and it’s Shanghai Representative Office in China.
NBAD has been ranked since 2009 one of the World’s 50 Safest Banks, and has advanced every year in the ranking to become the safest bank in the Middle East. NBAD has maintained its strong credit rating, one of the highest combined ratings in the MENA.
NBAD has the largest global network among UAE banks. It stretches from China and Hong Kong in the Far East to Malaysia in Southeast Asia, Oman, Bahrain and Kuwait in the GCC, Jordan in the Levant; Egypt, Sudan and Libya in Africa; Switzerland, France and the UK in Europe, and the United States of America in North America. The Bank has further expansion plans including Lebanon, Iraq, India, South Sudan and other key destinations in MENA and beyond.
In the first half of 2012, NBAD’s international operations increased its operating profits by 28% compared with corresponding period in 2011, contributing 16.3 % to the Bank’s AED 4.1 Billion $1.1 Billion.