National Bank of Abu Dhabi inaugurates 1st Business Banking Center

Michael Tomalin, the Group Chief Executive of the National Bank of Abu Dhabi (NBAD) and Senior Management of the Bank attended the official inauguration of NBAD's first business banking center in Abu Dhabi Industrial City (ICAD) to further extend its services to small and medium sized enterprises (SMEs).

 “We are pleased to launch first business banking center today, delivering NBAD’s commitment to provide a wide range of banking solutions and products to meet the ever expanding demands of our customers” said Saif Al Shehhi, the Senior General Manager of Domestic Banking Division at NBAD. “SMEs are very important players in economic growth, and we are keen in providing best products and highest standards of services to our SME clients.”

Abu Dhabi Industrial City (ICAD) serves mainly as an industrial hub in the Emirate and is home to many service businesses and technologically-advanced manufacturers.

Strategically located in ICAD, NBAD's business banking center provides easy access for NBAD’s SME's wide and growing customer base. It has been outfitted with state-of-the-art technologies enabling it to provide even more efficient and effective services to the bank’s SMEs customers.

NBAD's new business banking center, which will be run by professional and experienced talents, represents a valuable addition to NBAD’s network and channels endeavoring to keep pace with the international standards and trends for providing customers with innovative, specialized, customer-oriented products and services.

 “We believe customers should be at the core of each business to ensure success. Therefore, we are constantly seeking new ways to provide our valued customers with the right product, at the right time in the right place,” said Haitham Al Refaie, the Head of Business Banking Group at NBAD.

Business Banking Group at NBAD provides best solutions for financial transactions of all companies operating in the commercial segment through the Bank’s extensive branch network in the UAE and specialized 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.

Launching dedicated business banking centers is in line with NBAD's strategic objective to support and grow the SME sector, by meeting growing demands for business banking services.

Recent statistics reveal that SMEs account for 46% of the UAE's GDP and around 90% of all businesses in the country.

 “NBAD will launch 14 dedicated business banking centers throughout the UAE in 2011 in line with our strategic objective to serve this significant sector.” Mr. Al Refaie said.

NBAD's Business Banking Group's ambitious expansion plan include opening four (4) business banking centers in Abu Dhabi city, one center in Al Ain, and one center in Western Region in the Emirate of Abu Dhabi in 2011.

In addition, Business Banking Group at NBAD will launch four (4) business banking centers in Dubai and four (4) more business centers in Sharjah, Ajman, Ras Al Khaimah/Umm Al Qaiwain, and Fujairah this year.

 “Expanding our network is an essential element in NBAD’s commitment in providing exemplary service and making our services more accessible to SME customers,” 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.”

Recently, NBAD signed a Memorandum of Understanding (MoU) with Khalifa Fund for Enterprise Development to administer Khalifa Fund loans to SMEs.  Khalifa Fund promotes and nurtures entrepreneurialism and helps the development of start-up and existing businesses. The Fund extends credit to small and medium size businesses.  Under the terms of the MOU, NBAD would provide credit administrator services of the Fund. The Bank will process the loan application and all the procedures involved in the offering and servicing of Khalifa Fund credit to borrowers.