NBAD launches 3 SME accounts

The National Bank of Abu Dhabi (NBAD), the Number One Bank in the UAE, has added three new business current accounts exclusively for small and medium-sized enterprise (SME) clients. 

NBAD, which is committed to support the growth of SME sector in the UAE, has specifically tailored each account to suit and fulfill diverse business needs in the market.

The new current accounts are Business Basic, Business Advantage, and Business Preferred. Business Basic account suits entrepreneurs of micro businesses who have low to moderate transaction volume. This account requires minimum balance of only AED 1,000. Business Advantage account is designed for companies with average levels of transaction volume and requires minimum balance of AED 10,000. Business Preferred account is tailored for medium size businesses with high levels of transaction. It requires minimum balance of AED 25,000.

NBAD’s business current accounts offer accounts holders the benefits of free monthly account statements and free ATM cards. Account holders would be eligible for a range of working capital and trade finance facilities. In addition, accounts holders will enjoy free day-to-day banking transactions to operate their business and free access to NBAD online service to monitor their account.

“NBAD believes in the role of SME sector in growing the UAE economy and endevours to provide suitable banking products and services to help SME succeed in entrepreneurship,” said Haitham AlRefaie, the Head of Business Banking Group at NBAD.

“The new business accounts are designed to meet the everyday needs of businesses. With flexibility and convenience and other attractive features, we believe that entrepreneurs are equipped with smart banking solutions to achieve their goals,” he added.

Recent statistics reveal that SMEs contribute more than 46% to the UAE's GDP and account for about 90% of all businesses in the country.

Since the beginning of this year, NBAD has proactively introduced several new products and services for SME. In addition to the new business current accounts, NBAD offers Rent Finance and Visa Business Credit Card. The Bank has also partnered with major financial institutions and agencies in the UAE to expand services to SME. 

NBAD also launched several business banking centres that exclusively entertain and serve customers with their business needs. The Bank plans to have 14 business banking centres throughout the UAE by the first quarter in 2012.

“NBAD’s Business Banking Group is committed to supporting and nourishing the spirit of entrepreneurship and this is why we continue to bring to the market products and services that meet this segment’s demands and needs,” said Mr. AlRefaie.