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Sun 17 Jan 2010 07:30 AM

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Emirates NBD eyes growth home and abroad - official

Group deputy CEO says bank aims to 'seize this moment' to grow franchise.

Emirates NBD eyes growth home and abroad - official
NEW LOOK: Emirates NBD is rebranding all 110 of its branches and looking to expand further.

Emirates NBD, the Middle East’s largest bank by asset size, is looking to grow its business both in the UAE and abroad as the global economy begins to stabilise, a senior official has said.

Jamal Bin Ghalaita, group deputy CEO, Emirates NBD, said: “As the Middle East’s leader in financial services, we firmly believe that we must seize this moment to grow our franchise here at home and across the world."

His comments were made at the opening of the first fully rebranded branch, the group head office of Emirates NBD in Deira, Dubai, signalling a key milestone in the merger of the UAE's two largest banks.

“Despite the challenges posed by the impact of the worldwide financial crisis, we are now entering a period of increased global and regional economic stability,” he said.  

"We are confident that we can achieve that growth by building upon our core values of customer focus, service excellence, innovation, integrity, passion for performance and teamwork."

All 110 bank branches and 650 ATMs will get a new look as part of a campaign expected to take 60 days to complete.

At the same time, the bank is also rebranding its international network, including branches in Saudi Arabia, Qatar and the UK, it said in a statement.

Ahmed Humaid Al Tayer, chairman, Emirates NBD, said the bank would continue to support the economic growth and diversification of the UAE and wider region."

Rick Pudner, CEO, Emirates NBD, added that the opening of the first branch was an important milestone for the integrated company.

“When we formally launched the merger process, all of us at Emirates NBD understood the scale of the challenge involved in integrating two of the UAE’s largest banks. As today’s extremely significant announcement demonstrates, we have overcome those challenges, despite the additional pressure created by global economic instability, in a very aggressive time scale."

In October, Emirates NBD said it was seeking to expand in Saudi Arabia by opening additional branches.

In the same month, it reported a three percent rise in third quarter profit. Net profit in the three months ended September 30 rose to AED1.1bn ($285.9m) from the same period a year ago.

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