National Bank of Abu Dhabi (NBAD) on 11 November 2015 celebrated its 40th anniversary in the Egyptian market, highlighting successes and a new five-year strategy focused on a modernized business model and directing foreign currencies into the Egyptian market.
NBAD opened its first branch outside the UAE in Egypt in 1975 and was the first Arab bank to enter the market. Today, the bank employs 700 Egyptians on the ground, supported by a network of branches and ATMs across the country.
NBAD’s strategy for the years ahead will focus on modernizing its retail offering via alternative electronic channels, targeting Egyptian expatriates in the Gulf as well as Egyptian export-oriented SMEs, and enhancing its wholesale proposition, based on a network of core clients across the West-East corridor.
Alex Thursby, Group CEO of NBAD said: “During 40 years of building our successful franchise in Egypt, we have been consistently supporting the Egyptian people and businesses, and growing steadily even in the most difficult times. We are here for the long term. Egypt is an important market for us and we are planning to grow our presence in all business lines. NBAD is the best-positioned bank in the region to connect this country with international capital markets, as well as multinationals and affluent investors across the West-East corridor, in line with the UAE government’s strong ties with Egypt.”
Building on its presence across 18 countries around the globe, NBAD has one of the best banking networks in the Arab World. Egypt is NBAD’s largest market outside the UAE, and the only country where the bank has deployed the full range of its businesses, including Wholesale, Retail and Wealth Management, offering a combination of global and local expertise.
Ahmed Ismail Hassan, CEO of NBAD Egypt said: “We will introduce state-of-the art technology to support our operations, widen the scope of our products and services and provide a world-class customer service experience. Instead of focusing on the number of branches, for instance, we will now be operating through a different and modern business model, based on alternative channels and on encouraging people to use new electronic services.”
Under its new strategy, NBAD will develop its SME cluster, targeting exporters and introducing Community Banking to serve non-borrowing clients.
In the context of foreign currency challenges, NBAD’s strategy will also focus on directing foreign currencies from Egyptian expatriates into the Egyptian market. Earlier in September, NBAD has launched a real estate program providing finance to Egyptian expatriates in the UAE and UAE nationals to purchase properties in Egypt. There are currently over 300,000 Egyptian expatriates in the UAE, representing the largest Arab community in the country.
NBAD also plans to enhance inward investment through its network of international clients and will grow its wholesale proposition with extended international advisory and global wealth services, focusing on Energy and Infrastructure, Egypt’s two priority sectors.
Over the past year, NBAD has been a major player in the area of financing and syndicated loans:
NBAD was also named 'Most Impressive Rising Star in Emerging Markets DCM' by Global Capital for Excellence in Debt Capital Markets; ‘Best DCM House’ by Euromoney and ‘Best Sukuk House of the Year’ by the Global Islamic Finance Awards 2015.