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NBAD wins approval to open in Hong Kong
National Bank of Abu Dhabi (NBAD) has received the approval of the Hong Kong Monetary Authority (HKMA) to open a full fledged branch in the Chinese territory.
"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, senior general manager of NBAD's international banking division.
"NBAD will open its branch during the second half of 2009 and this is just the beginning of our strategic initiative for the Far East where we intend future expansion with Hong Kong being made the Regional Head Quarters" Al Mulla added in a statement posted in the WAM news agency.
NBAD's branch in Hong Kong will be equipped to provide a full range of banking services and products, playing a vital role in boosting the trade between UAE and Far East, he added.
The bank is also looking at opening braches in Jordan, Qatar, Saudi, Morocco, Tunisia and Algeria
"We have already received a licence to open a branch in Jordan and we expect to open our first branch in Amman during the second half if the year.”
NBAD also has plans to increase the number of branches in existing locations such as Oman, Bahrain, Kuwait, and Egypt.
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Posted by Geriant, Dubai, UAE on 21 May 2009 at 15:30 UAE time
Lest we forget BCCI, an acronym that still has resonance in the Far East because so many investors fell for the Gulf spin and lost millions. Hong Kong is not going to allow a second disaster, which is why they have been so cautious with this move. Be cautious this time, the Chinese know a thing or two about banking.