Abu Dhabi, Shanghai- (October 10, 2012)-The National Bank of Abu Dhabi (NBAD), the Number One Bank in the United Arab Emirates (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 Middle Eastern and North African (MENA) financial institutions: Moody’s Aa3; Standard & Poor’s A+; Fitch AA-.
The United Arab Emirates (UAE) is now China’s second largest Middle East trading partner. 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 United Arab Emirates and Middle Eastern companies are also very keen to invest in China. National Bank of Abu Dhabi established the Shanghai Representative Office to respond to this trend and to meet the market’s demands.
With nearly a half-century of experience and leading brand awareness, NBAD is widely recognized in the UAE and the MENA region. The prestigious and highly respected Global Finance magazine has ranked NBAD 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 recognized as a super brand by Superbrands, the independent authority and arbiter on branding, as well as named the ‘Best Bank in UAE’ by Euromoney.
Gateway to MENA
Commenting on this significant move to the China market, 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 Representative 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 United Arab Emirates, the Middle East and North Africa regions for NBAD’s clients in China. The Shanghai Representative Office complements the Hong Kong Branch to offer NBAD the advantage to expand business across Asia.
“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 andcustomer-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 Mr. 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 NBAD Shanghai Representative Office will also coordinate with NBAD 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 Mr. 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.”
Mr. Tomalin concluded: “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 United Arab Emirates 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.”