The National Bank of Abu Dhabi (NBAD), the Number One Bank in the UAE, has opened its eighth branch in Sur, in Ash Sharqiyah Region in the northeast, about 150 kilometres from Muscat, in its ongoing expansion in the Sultanate of Oman.
NBAD, the only UAE bank operating in Oman, has aggressively expanded in Oman since it opened its second branch in the country in 2006. NBAD opened its first branch in Oman's Capital, Muscat, in 1976. NBAD set a goal last year to double its presence in Oman to 14 branches by 2014 to keep pace with economic development in the country.
"This step comes in line with the Bank's strategy to expand in regions that offer attractive opportunities for the banking industry," said Qamber Ali Al Mulla, the Senior General Manager of NBAD's International Banking Division.
"Opening NBAD's branch in Sur underpins our international network, which is the largest overseas network of all UAE local banks; It stretches from Hong Kong in the Far East; to Oman, Bahrain and Kuwait in the Gulf Co-operation Council ("GCC"); Jordan in the Levant; Egypt, Sudan, and Libya in Africa; the United Kingdom, Switzerland, and France in Europe; and Washington D.C. in the United States of America."
In 2009, Oman's GDP per capita had risen nearly 27% from 2005 to about US$25,830. NBAD expects Oman's Real GDP to grow 3% this year. Furthermore, NBAD fully believes that Oman's diversification of its economy continues to provide great opportunities for financial services companies.
"NBAD has a strategic plan to be in key towns of the six regions of Oman," said Saeed AlMubarak, NBAD's Regional Manager in Oman. "NBAD enjoys a good reputation and prestige in this market; with a growing economy and increasing income, we foresee great opportunities in Oman.
"NBAD has been in Oman for over thirty years. The Bank's foundation in this country is deep and we want to contribute to the economy and growth of Oman."
The new branch has been strategically located to provide easy access for NBAD's wide and growing customer base in various areas. It has been outfitted with state-of-the-art technologies enabling it to provide even more efficient and effective services to the bank's customers. NBAD's branch in Sur will offer customers access to all of the bank's competitive and innovative products and services.
"Sur is a right location to open a facility because this city is home to many large companies and there are many affluent people in Sur," said Ahmad AlMusalmi, NBAD's Deputy Regional Manager in Oman.
The new branch, which will be run by professional and experienced talents, is a valuable addition to NBAD's branch network endeavoring to keep pace with the international standards and trends for providing its customers with innovative, customer-oriented products and services.
NBAD offers superior and comprehensive up-market commercial banking services including corporate and retail banking, elite Banking, wealth management, deposits, finance, and other tools and solutions that will be put in the service of its consumer and corporate clients.
