NBAD announces 3 new SME accounts
Abu Dhabi, September 26, 2011
The National Bank of Abu Dhabi (NBAD) said it has added three new business current accounts exclusively for small and medium-sized enterprise (SME) clients.
The new current accounts are Business Basic, Business Advantage, and Business Preferred.
Business Basic account suits entrepreneurs of micro businesses who have low to moderate transaction volume, the NBAD said in a statement.
This account requires minimum balance of only Dh1,000. Business Advantage account is designed for companies with average levels of transaction volume and requires minimum balance of Dh10,000, it stated.
Business Preferred account is tailored for medium size businesses with high levels of transaction. It requires minimum balance of Dh25,000, it added.
NBAD said it is committed to support the growth of SME sector in the UAE and has specifically tailored each account to suit and fulfill diverse business needs in the market.
NBAD’s business current accounts offer accounts holders the benefits of free monthly account statements and free ATM cards.
Account holders would be eligible for a range of working capital and trade finance facilities. In addition, accounts holders will enjoy free day-to-day banking transactions to operate their business and free access to NBAD online service to monitor their account.
“NBAD believes in SMEs' role in growing the UAE economy and endevours to provide suitable banking products and services to help SMEs succeed in entrepreneurship,” said Haitham AlRefaie, head of Business Banking Group at NBAD.
“The new business accounts are designed to meet the everyday needs of businesses. With flexibility and convenience and other attractive features, we believe entrepreneurs are equipped with smart banking solutions to achieve their goals,”AlRefai observed.
Recent statistics reveal that SMEs contribute more than 46 per cent to the UAE's GDP and account for about 90 per cent of all businesses in the country.
Since the beginning of this year, NBAD has proactively introduced several new products and services for SME, he added.-TradeArabia News Service
More Finance & Capital Market Stories
- Experts put spotlight on Mena tax issues
- BMI, Muharraq SC launch co-branded credit card
- NBAD partners with top business school
- Dubai non-oil trade surges 10pc to $272bn
- Iran president targets stagflation in first budget
- DFM accredits 2 firms for margin trading
- Kuwait inflation plunges to nine-year low
- DFM trading hit by technical fault
- GCC firms seek Egypt investment guarantee
- Qatar c.bank plans $1.1bn in bonds, sukuk