NBAD plans Malaysia unit, sees more in Asia
Abu Dhabi, September 15, 2010
National Bank of Abu Dhabi (NBAD), the second largest lender in the UAE by assets, plans to set up a new bank in Malaysia as it seeks to expand its Asian operations, its chief executive said on Wednesday.
NBAD has secured a licence to set up a new bank in Malaysia with a capital of 300 million ringgit ($96 million) that will open in 2011, Michael Tomalin told Reuters in an interview.
'It is part of our strategy to grow our franchise in Asia in the next five to 10 years as the movement of the world goes eastwards,' Tomalin said.
'Over the next three to five years we will look at two or three or four more Asian countries, even another bank perhaps in Asia,' he said.
The bank also plans to grow in the Middle East by expanding in Jordan and Egypt and entering at least three new markets in the Arab world.
In June this year NBAD sold Islamic bonds worth 500 million ringgit in Malaysia.
The bank also has a presence in Hong Kong. In line with its aim of becoming a leading Arab bank, NBAD plans to open its second branch in Jordan 'imminently' and is awaiting a licence in Qatar.
Recently the bank said it plans to open 22 more branches in Egypt in the near term to bring the total there to 50.
'We are looking at expanding our reach in the Arab countries over the next four to five years. We are looking at atleast three new markets,' he said, declining to name them.
The bank will continue with its organic growth on the retail front by adding three more branches in the UAE before the end of 2010. The bank has 107 branches locally.-Reuters