Geneva-based subsidiary records CHF 3 million profits
Geneva: NBAD Private Bank (Suisse) SA, the wholly owned subsidiary of the National Bank of Abu Dhabi (NBAD) PJSC, celebrated its fifth anniversary in a VIP event at the Parc de Eaux-Vives in Geneva.
Since its launch in June of 2007, NBAD Suisse has grown from strength to strength, with the following key achievements reached:
- Launch of the trade finance operations in mid-2008,
- Purchased its Quai de l'Ile building in November of 2009,
- Migrated to the Avaloq banking system in 2010,
- Breakeven reached in early 2010 ( less than three years since the launch and according to the business plan).
- 2011 profits were in excess of CHF 3 million (AED 11.6 million), and have further accelerated growth in 2012.
- Balance sheet growing to over CHF 1.2 billion, (AED 4.6 billion)
- Assets Under Management (AUM) growing to around CHF2 billion (AED 7.74 billion).
- Staff numbers increased from 10 to 45 people and NBAD will hire more people this year.
- Despite the financial crisis commencing only a few months after the launch of NBAD Suisse, it has built up its private banking business, taking a conservative approach on client acceptance by applying stringent compliance standards.
NBAD Suisse is a fully licensed Swiss Bank providing quality wealth management services to international HNWI. In addition to offering a wide range of investment advice and services, we built a niche expertise in the fixed income instruments of the GCC market. The Bank is working on expanding further this product offering.
NBAD Suisse has quickly established itself as one of the important actors in the Geneva trade finance area, and the second half of 2012 will see NBAD Suisse further expand the commodity trade finance offering. During the same period, the National Bank of Abu Dhabi Group has also experienced strong growth. Benefitting from the comfort of the strong support of its shareholders, and ranked as one of the Safest 50 Banks in the world since 2009 and the safest bank in the Middle East. NBAD was the first UAE bank to achieve net profits of over USD 1 billion in 2010, and maintained its strong credit ratings through the financial crisis.
"We have been very pleased with the strong stable growth, which was built on our steady approach of building up the Bank step-by-step, focusing on handpicking key talents within Geneva," said Khaled Suleiman, CEO of NBAD Suisse. "Our expansion plan for 2012 to 2015 will see us focus further on growing our Private Banking team, and additional hires."
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About NBAD
The National Bank of Abu Dhabi (NBAD), The Number One Bank in UAE, was incorporated in 1968 and is listed on the Abu Dhabi Securities Exchange (ADX), under stock code (NBAD).
Ranked as one of the top 50 safest banks in the world, NBAD currently operates across 13 countries on four continents.
NBAD has a network of 123 branches and more than 550 ATMs to provide banking services to customers all over the UAE.
Besides brick & mortar branches, NBAD provides 24 hour internet banking access through NbadOnline and NbadDirect, the SMS-based payment service (Arrow) as well as account access and personalised customer support through its 24-hour Call Centre.
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NBAD's overseas network stretches from Oman, Kuwait, and Bahrain in the G.C.C.; Egypt, Libya, and Sudan in Africa; UK, France, and Switzerland in Europe; Hong Kong, Shanghai and Jordan in Asia to Washington, D.C. in the U.S.A. Overall, NBAD has nearly 50 branches and 60 ATMs outside the UAE. NBAD provides its customers with a wide variety of financial services targeting all segments of the consumer and corporate markets.
NBAD is rated senior long term/short term A+/A-1 by Standard and Poor's, Aa3/P1 by Moodys and AA-/F1+ by Fitch giving it one of the strongest combined rating of any Middle Eastern financial institution.
For further enquiries, please contact:
Ehab Khairi
Media & PR Manager
National Bank of Abu Dhabi
Tel: +97126111190
Email: ehab.khairi@nbad.com
Web: www.nbad.com
© Press Release 2012