National Bank of Abu Dhabi

National Bank of Abu Dhabi
Public Joint Stock Company
Traded as ADX: NBAD
Industry Banking
Founded 1968 (1968) [1]
Headquarters One NBAD Tower, Abu Dhabi, United Arab Emirates.
Products Loans, Savings, corporate banking, project finance, corporate advisory, treasury, leasing, property management, Islamic banking.[2]
Total assets $102.4 billion (2015)[3]
Website www.nbad.com

National Bank of Abu Dhabi (NBAD) (Arabic: بنك أبوظبي الوطني‎) is a bank operating in the United Arab Emirates. NBAD is the largest lender bank in the Emirate of Abu Dhabi and the second largest lender in the United Arab Emirates. NBAD has the largest market capitalization among UAE banks.

NBAD’s Head Office is 1 NBAD Tower in Abu Dhabi, UAE. The Bank will build a new Head Office in Abu Dhabi’s Al Maryah Island, which will house the future Abu Dhabi Financial District.[4][5]

NBAD’s line of businesses include a whole range of retail banking, corporate, wholesale and investment banking, wealth management and private banking; as well as Islamic banking, brokerage, property management and leasing.

NBAD plans to set up a regional financial base in India before the end of 2014 as part of its overseas expansion strategy, reported by media in May 2014.[6]

NBAD has regional presence in Kuala Lumpur, Hong Kong and a representative office in Shanghai, China. The bank is also expanding to the South Korean market to expand its presence in Asia.[7] In October 2012, the bank announced that it is planning to triple its contribution from Islamic banking by introducing sharia-compliant services in Oman and Malaysia.[8]

At the start of 2014, NBAD's international branch, the largest among UAE banks, spanned across 17 countries in five continents, from the Far East to Americas.

History

NBAD was founded in 1968, the emirate of Abu Dhabi’s first bank.[9]

NBAD is the first UAE bank to expand overseas with the opening of its branch in Cairo, Egypt, in 1975. This was followed by expansion to Sudan and Oman in 1976, the UK in 1977, USA and France in 1979. Its network now reaches to 17 countries in five continents.

Ownership

NBAD is a Public Joint Stock Company with majority ownership by the Abu Dhabi Investment Council (ADIC). As of 31 December 2013, 70.2% of shares are owned by ADIC and 21.9% are owned by individuals. The remaining shares are owned by Government, corporate and private institutions.[10]

International network

NBAD expanded outside the UAE in 1975 with the launch of its branch in Egypt. Today, NBAD operates in 17 countries through branches, subsidiaries and representative offices. Overall, NBAD has nearly 60 branches and offices outside the UAE; Hong Kong, Malaysia (subsidiary), Oman, Bahrain, Kuwait, Jordan, Egypt, Sudan, Switzerland, through its subsidiary NBAD Private Bank (Suisse) SA, France, Channel Islands, through NBAD Trust Company (Jersey) Limited, UK, the United States through its subsidiary Abu Dhabi International Bank. NBAD also has representative offices in Tripoli, Libya, Shanghai, China, São Paulo, Brazil, and Beirut, Lebanon. NBAD has said its growth strategy is based on expansion across the West-East Corridor, which it defines the area stretching from West of Africa to East of Asia. It has further said that it plans to build five international bank franchises across the West-East Corridor.

Islamic Banking

Sharia-compliant banking at NBAD is offered through its subsidiary Abu Dhabi National Islamic Finance Company. ADNIF was founded in 2008.

Sponsorships

National Bank of Abu Dhabi

NBAD has served as the Official Bank of Abu Dhabi Grand Prix the first time held in Abu Dhabi in 2009, and in the subsequent years: 2010, 2011, 2012, 2013, 2014.

Credit Rating

Global Finance, has ranked NBAD for the fifth consecutive year among its ‘World’s 50 Safest Banks’.[11]

On 10 October 2013, Standard & Poor's Ratings Services has raised the National Bank of Abu Dhabi 's credit rating based on the strong link with the Government of Abu Dhabi and the important role the bank plays within Abu Dhabi. S&P raised NBAD's long- and short-term counterparty credit ratings on NBAD to 'AA-/A-1+' from 'A+/A-1'. The credit rating agency also affirmed NBAD 's "Stable" outlook.[12]

NBAD is also rated Aa3/P1 by Moody’s, AA-/F1+ by Fitch, A+ by Rating and Investment Information Inc (R&I) Japan, and AAA by RAM (Malaysia).[13]

Structure & Businesses

NBAD Group was restructured its business operations into three units in 2013: 1. Global Wholesale 2. Gulf Retail and Commercial, 3. Global Wealth

In addition, the Bank has Two Geographies managing the franchise in each country, operating under NBAD’s Gulf & International. The Geographies are 1. Gulf 2. International

Subsidiaries

NBAD’s Subsidiaries Country of Incorporation
Abu Dhabi International Bank Inc. Curaçao, Netherlands Antilles
Abu Dhabi Financial Services LLC Abu Dhabi, United Arab Emirates
Abu Dhabi National Leasing LLC Abu Dhabi, United Arab Emirates
Abu Dhabi National Properties LLC Abu Dhabi, United Arab Emirates
NBAD Trust Company (Jersey) Limited Jersey, Channel Islands
NBAD Private Bank (Suisse) SA Geneva, Switzerland
Abu Dhabi National Islamic Finance Company Abu Dhabi, United Arab Emirates
Ample China Holding Limited Hong Kong
Abu Dhabi Brokerage Egypt Egypt

Executives

In July 2013, AlexThursby became NBAD’s Group Chief Executive Officer, replacing Michael H. Tomalin, who served for 14 years.[14] Thursby joined NBAD from ANZ Bank where he was chief executive officer of its International & Institutional Banking. Thursby also served as the chief executive officer of Asia Pacific and America, and as the head of Corporate & Institution in Wholesale Banking N.E.

NBAD hired James Burdett as its new Group Chief Financial Officer. Like Thursby, he joined NBAD from ANZ where he served as Chief Financial Officer of International & Institutional Banking. Prior to this position, he served as Chief Financial Officer of ANZ’s Asia, Pacific, Europe and Americas.[15]

Board of Directors

NBAD Board of Directors in 2014:

References

  1. ↑ "NATIONAL BANK OF ABU DHABI (NBAD:Abu Dhabi): Company Description - Businessweek". investing.businessweek.com. Retrieved 28 November 2012.
  2. ↑ http://www.nbad.com
  3. ↑ http://www.forbes.com/global2000/list/6/#header:assets_sortreverse:true
  4. ↑ http://m.gensler.com/about-us/press-release/nbad-appoints-gensler-lead-consultant-for-global-head-office-in-al-maryah-island
  5. ↑ http://www.almaryahisland.ae/en/media-centre/press-releases/nbad-plot-sale-announcement
  6. ↑ UAE lender NBAD to enter India before end of 2014 - sources: http://in.reuters.com/article/2014/05/21/nbad-india-idINL6N0O73HR20140521
  7. ↑ "UAE’s bank issues US$163mil sukuk". Reuters via thestar.com.my. 26 November 2012. Retrieved 26 November 2012.
  8. ↑ "UPDATE 1-National Bank of Abu Dhabi to expand Islamic banking - Yahoo! News Maktoob". en-maktoob.news.yahoo.com. Retrieved 28 November 2012.
  9. ↑ "NATIONAL BANK OF ABU DHABI (NBAD:Abu Dhabi): Company Description - Businessweek". investing.businessweek.com. Retrieved 28 November 2012.
  10. ↑ "Investor Relations: Ownership" Check |url= value (help). www.nbad.com. Retrieved 23 February 2014.
  11. ↑ "NBAD safest bank in Middle East among world’s top 50". www.arabnews.com. Retrieved 28 August 2013.
  12. ↑ "S&P Upgrades NBAD's Credit Rating". www.zawya.com/. Retrieved 11 October 2013.
  13. ↑ http://www.nbad.com/en/AboutNBAD/Pages/Overview.aspx
  14. ↑ The National: UAE lender NBAD names ANZ's Alex Thursby as new CEO
  15. ↑ NBAD Appoints Group Chief Financial Officer

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