NBAD opens representative office in Shanghai
Abu Dhabi, October 10, 2012
The National Bank of Abu Dhabi (NBAD), the number one bank in the UAE, launched its representative office in Shanghai today, beginning its operations in mainland China.
Founded in 1968 and listed on the Abu Dhabi Securities Exchange, NBAD, in addition to its massive domestic network, has the largest international presence among all UAE banks, with more than 50 overseas business units located in 14 countries across the world.
NBAD enjoys one of the strongest combined ratings among Mena region’s financial institutions - Moody's Aa3, Standard & Poor's A+, and Fitch AA-.
The UAE is now China’s second largest Middle East trading partner, a statement from the bank said. Many Chinese companies are now looking towards the Middle East, especially in infrastructure, transportation, building and construction related industries.
Chinese companies have a high growth-potential in overseas markets; and the UAE and Middle Eastern companies are also very keen to invest in China. The bank established the Shanghai representative office to respond to this trend and to meet the market’s demands, the statement said.
With nearly a half-century of experience and leading brand awareness, NBAD is widely recognised in the UAE and the Men region. Global Finance magazine has ranked the bank as one of the World's 50 Safest Banks for four years in a row since 2009 and the safest bank in the Middle East.
In addition, NBAD has been recognised as a super brand by Superbrands, the independent authority and arbiter on branding, as well as named the 'Best Bank in UAE' by Euromoney.
Michael Hardwick Tomalin, the group chief executive of NBAD, said: “Asian markets, especially China, have a vital strategic importance to our global operations. After our entrance to the Far East in 2009 with the launch of our operations in Hong Kong, the opening of the Shanghai office demonstrates our full confidence in the Asia market and our capabilities to provide excellent products and services to our customers in Asia and in particular, China.”
The new NBAD Shanghai representative office, together with the Hong Kong branch, will serve as a gateway to the UAE and the Mena region for NBAD’s clients in China, it said.
"The new Shanghai office will represent a valuable addition to NBAD's overseas network, and keeps pace with the global trends and standards for providing customers with innovative and customer-centric products and services. Closer to home, the bank is strategically positioned to capture the trade and investment flows between the UAE and the Mena region with China,” said Qamber Ali Al Mulla, the senior general manager of international banking division at NBAD.
At the first stage of NBAD’s presence in mainland China, the bank’s presence in Shanghai will operate as a representative office for two years according to China Banking Regulatory Commission directives.
The bank will provide local customers who are interested in business in the Arab world with information and consultation to help them discover opportunities and achieve success. As an important part of NBAD’s global network, the Shanghai representative office will also coordinate with the bank’s head office and other international branches to facilitate Chinese customers’ access to increased global resources and in conducting dialogues with their global partners based on mutual understandings.
"NBAD Shanghai representative office will be run by talented and experienced local professionals. Their local knowledge will help the NBAD, as an international bank, to quickly integrate in the China market,” said Ernest Law, regional manager of NBAD Hong Kong.
“With our expertise and experience, we aspire to become our clients' bank of choice for supporting their business interests in the UAE and Mena region and in other major financial centers."
“We are proud to stand by our stellar reputation and know that clients want to do business with a bank that they can trust. In doing business here, we will bring the same enthusiasm and passion that we apply in the UAE and other countries where we operate to help us succeed and establish deep roots in the China market, as we aspire to become the World’s Best Arab Bank,” Tomalin concluded. – TradeArabia News Service