National Bank of Abu Dhabi plans to establish eight global banking centres to service corporate clients while also boosting its retail banking business.
Alex Thursby, the bank’s new chief executive, yesterday said its new five-year plan included setting up centres in Abu Dhabi, Lagos, Washington, Mumbai, Singapore, Hong Kong, London and Paris.
It would also focus on providing wholesale services to major companies in the Middle East, Asia and Africa, and build five international banking franchises in countries such as Egypt. NBAD is betting that its high credit ratings from credit ratings agencies will propel its growth as it seeks to attract rich individuals in the Arab world, as well as companies in diverse sectors such as finance, energy and property, according to Mr Thursby. “This is not about carpet bombing all segments of the market place,” he said. “It’s about being very surgical and dominating those places that we want to be.
“Where we choose to play, we want to be the dominant player.
“There are only about 25 commercial banks worldwide that are double A minus or above.”
The state-owned bank has not as been as active as its local rivals, such as Emirates NDB and Abu Dhabi Islamic Bank, in the UAE’s retail banking market. NBAD focuses instead on lending to large government companies. However, the recent upheavals in the region have made the bank an attractive haven to Arab expatriates in the Emirates.
As part of its retail drive, the bank has started to offer new mortgage products. Meanwhile, NBAD is trying to identify countries with burgeoning middle classes in which to establish itself as a niche player, according to Mr Thursby.
Its focus on the developing economies in the Middle East, Asia and Africa is crucial to its strategy.
The bank would not necessarily aim to open branches in all the cities of the countries it was targeting, but it would focus on the capitals or the major cities with the most business opportunities, Mr Thursby said.
“We have to make sure that we’re going to make US$100 million in profit once we start investing in these places. The model will be affluent banking in the retail space, international commercial … and our wholesale proposition,” he said.
Under its five-year strategy, NBAD will divide itself into three core businesses of global wholesale, global wealth and gulf retail and commercial. It will also cut back on some existing activities and focus on bolstering the parts of its retail and wholesale business that will generate the most profits.
For the first nine months of the year, NBAD’s revenue rose 11 per cent to Dh7 billion from the same period last year, and it expected to end the year with a revenue increase of up to 8 per cent, said Michael Miller, the bank’s head of investor relations.
mkassem@thenational.ae
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
Women%E2%80%99s%20T20%20World%20Cup%20Qualifier
%3Cp%3EFrom%20September%2018-25%2C%20Abu%20Dhabi%0D.%20The%20two%20finalists%20advance%20to%20the%20main%20event%20in%20South%20Africa%20in%20February%202023%0D%3Cbr%3E%20%0D%3Cbr%3EGroup%20A%3A%20United%20States%2C%20Ireland%2C%20Scotland%2C%20Bangladesh%0D%3Cbr%3EGroup%20B%3A%20UAE%2C%20Thailand%2C%20Zimbabwe%2C%20Papua%20New%20Guinea%0D%3Cbr%3E%20%0D%3Cbr%3EUAE%20group%20fixtures%3A%0D%3Cbr%3ESept%2018%2C%203pm%2C%20Zayed%20Cricket%20Stadium%20%E2%80%93%20UAE%20v%20Thailand%0D%3Cbr%3ESept%2019%2C%203pm%2C%20Tolerance%20Oval%20-%20PNG%20v%20UAE%0D%3Cbr%3ESept%2021%2C%207pm%2C%20Tolerance%20Oval%20%E2%80%93%20UAE%20v%20Zimbabwe%0D%3Cbr%3E%20%0D%3Cbr%3EUAE%20squad%3A%20Chaya%20Mughal%20(captain)%2C%20Esha%20Oza%2C%20Kavisha%20Kumari%2C%20Rinitha%20Rajith%2C%20Rithika%20Rajith%2C%20Khushi%20Sharma%2C%20Theertha%20Satish%2C%20Lavanya%20Keny%2C%20Priyanjali%20Jain%2C%20Suraksha%20Kotte%2C%20Natasha%20Cherriath%2C%20Indhuja%20Nandakumar%2C%20Vaishnave%20Mahesh%2C%20Siya%20Gokhale%2C%20Samaira%20Dharnidharka%0D%3C%2Fp%3E%0A
THE BIO
Ms Davison came to Dubai from Kerala after her marriage in 1996 when she was 21-years-old
Since 2001, Ms Davison has worked at many affordable schools such as Our Own English High School in Sharjah, and The Apple International School and Amled School in Dubai
Favourite Book: The Alchemist
Favourite quote: Failing to prepare is preparing to fail
Favourite place to Travel to: Vienna
Favourite cuisine: Italian food
Favourite Movie : Scent of a Woman
First Person
Richard Flanagan
Chatto & Windus
La Mer lowdown
La Mer beach is open from 10am until midnight, daily, and is located in Jumeirah 1, well after Kite Beach. Some restaurants, like Cupagahwa, are open from 8am for breakfast; most others start at noon. At the time of writing, we noticed that signs for Vicolo, an Italian eatery, and Kaftan, a Turkish restaurant, indicated that these two restaurants will be open soon, most likely this month. Parking is available, as well as a Dh100 all-day valet option or a Dh50 valet service if you’re just stopping by for a few hours.
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
