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Tue 15 May 2007 12:58 AM

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NBAD launches Swiss unit

NBAD becomes first bank in UAE to be granted full Swiss banking licence.

The National Bank of Abu Dhabi has established an independent, wholly owned subsidiary in Switzerland under the name of NBAD Private Bank (Suisse) SA. It is the first bank in the UAE to have been granted a full Swiss banking licence. The private bank will operate under Swiss banking rules and comply with their regulations including those on banking confidentiality, NBAD said in a statement.

7 Days reports that the Swiss unit will have an initial capital of 100 million swiss francs (dhs301 million), and will offer a full range of private banking and trade finance services. It will target wealthy Arabs with accounts and holiday homes in Switzerland.

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