Abu Dhabi bank to bridge Malaysia-GCC

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National Bank of Abu Dhabi is on an expansion drive throughout Southeast Asia

National Bank of Abu Dhabi (NBAD), the biggest bank in the United Arab Emirates by assets, is set to officially open its first branch in ASEAN in September in a bid to intensify the booming business between the region and the Middle East, the bank said in a release.

NBAD chose Malaysia as a location for the branch to strengthen its base in the important Malaysian capital market – especially for Islamic finance – and wants become the “de-facto institution” for Malaysian companies that are conducting business with the Gulf Cooperation Council (GCC) and the Middle East and North Africa region, according to Leong See Meng, CEO of the newly launched National Bank of Abu Dhabi Malaysia Berhad (NBAD-Malaysia) in Kuala Lumpur.

“The opening of NBAD’s first branch in Southeast Asia is a major step for us. Southeast Asia is one of the fastest growing regions of the world with a strong commercial link to the UAE and the GCC,” said Qamber Ali Al Mulla, senior general manager of International Banking Division of NBAD.

“Malaysia represents a strategic importance as a regional hub. The move demonstrates our confidence in the local market and in our ability to provide excellent products and services in the region,” he added.

NBAD has invested about RM300 million into setting up  the Malaysia branch and said it wants to add at least five branches in the next 3 to 5 years and “ideally” reach 30 branches in the next 10 years.

The bank will focus on a wholsesale product strategy and said it would also continue its Islamic bond programme in Malaysia.

The UAE was Malaysia’s biggest trading partner in the GCC in 2011 with RM21.06 billion of trade flows. Bilateral trade with the GCC stood at RM43.76 billion last year.

The Malaysian venture is part of NBAD’s expansion plans into 14 countries, including other Southeast Asian nations, Australia, India and Brazil. In June, NBAD has opened a representative office in China. It’s bank’s strongest footprint abroad is in Egypt, where NBAD recently opened its 30th branch.

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Reading Time: 2 minutes

National Bank of Abu Dhabi is on an expansion drive throughout Southeast Asia

National Bank of Abu Dhabi (NBAD), the biggest bank in the United Arab Emirates by assets, is set to officially open its first branch in ASEAN in September in a bid to intensify the booming business between the region and the Middle East, the bank said in a release.

Reading Time: 2 minutes

National Bank of Abu Dhabi is on an expansion drive throughout Southeast Asia

National Bank of Abu Dhabi (NBAD), the biggest bank in the United Arab Emirates by assets, is set to officially open its first branch in ASEAN in September in a bid to intensify the booming business between the region and the Middle East, the bank said in a release.

NBAD chose Malaysia as a location for the branch to strengthen its base in the important Malaysian capital market – especially for Islamic finance – and wants become the “de-facto institution” for Malaysian companies that are conducting business with the Gulf Cooperation Council (GCC) and the Middle East and North Africa region, according to Leong See Meng, CEO of the newly launched National Bank of Abu Dhabi Malaysia Berhad (NBAD-Malaysia) in Kuala Lumpur.

“The opening of NBAD’s first branch in Southeast Asia is a major step for us. Southeast Asia is one of the fastest growing regions of the world with a strong commercial link to the UAE and the GCC,” said Qamber Ali Al Mulla, senior general manager of International Banking Division of NBAD.

“Malaysia represents a strategic importance as a regional hub. The move demonstrates our confidence in the local market and in our ability to provide excellent products and services in the region,” he added.

NBAD has invested about RM300 million into setting up  the Malaysia branch and said it wants to add at least five branches in the next 3 to 5 years and “ideally” reach 30 branches in the next 10 years.

The bank will focus on a wholsesale product strategy and said it would also continue its Islamic bond programme in Malaysia.

The UAE was Malaysia’s biggest trading partner in the GCC in 2011 with RM21.06 billion of trade flows. Bilateral trade with the GCC stood at RM43.76 billion last year.

The Malaysian venture is part of NBAD’s expansion plans into 14 countries, including other Southeast Asian nations, Australia, India and Brazil. In June, NBAD has opened a representative office in China. It’s bank’s strongest footprint abroad is in Egypt, where NBAD recently opened its 30th branch.

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