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.