UAE's NBAD to enter Jordan, Hong Kong by year end

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BIG BANK: The bank also has a branch in Bahrain and another in Kuwait(Getty Images)

National Bank of Abu Dhabi plans to open branches in Jordan and Hong Kong before the end of 2009 and expand its network in Egypt and Oman, the head of its international operations said on Wednesday.

The lender wants to add 22 branches in Egypt by 2013 and three branches in Oman next year, and plans to turn its representative office in Libya into a branch, said Qamber al-Mulla, senior general manager, International Banking Division.

"Jordan and Hong Kong will add value as there are a large number of people from these countries in the UAE. It will also complement our network because of our strategy to be a major Arab bank," he said.

Jordan's central bank gave the UAE-based NBAD a foreign bank license to carry out commercial banking, officials in Jordan said on Tuesday.

NBAD is also expanding its presence in Egypt and Oman and is exploring possibilities of entering the banking sector in some other markets such as Morocco, Algeria, Lebanon and Turkey.

"So far we have 28 branches in Egypt and we want to bring it to 50 by 2013. We are thinking of opening three new branches in Oman in 2010 (in) Sur, Buraimi and Ibri cities, and will convert our rep office in Libya into a branch next year," he said.

"All these markets have strong business growth potential. Our strategy is to be an Arab bank and be present in most Arab countries."

The bank, which also has a branch in Bahrain and another in Kuwait, is seeking a Qatari licence, he said of the lender which also has a presence in London, Paris and Washington.

NBAD's overseas units are self-funded with profits transferred to the head office. Currently, overseas operations contribute some 15 percent to the bank's profitability, he said.

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