Etihad Airways, the national airline of the United Arab Emirates, has selected National Bank of Abu Dhabi (NBAD), the largest UAE lender by assets, as its Middle East Strategic partner for transactional banking services.
Under the agreement, NBAD will provide Etihad Airways with a full range of transactional banking services across multiple countries in the region, including Bahrain, Egypt, Jordan, Kuwait, Oman and UAE.
NBAD won the coveted mandate after the Abu Dhabi-based airline undertook an extensive evaluation of banks across the region. Etihad Airways’ final choice reaffirms the bank’s leading position in corporate banking and cash management, after its recent recognition as the ‘Best Bank for Cash Management in the Middle East’ by Global Finance magazine.
The agreement will enable the airline to leverage both the bank’s strong Middle East presence, as well as the comprehensive cash management capabilities it has been investing in over the years.
James Hogan, Etihad Airways President and Chief Executive Officer, said: “Etihad Airways is always looking at ways to enhance operational efficiencies across the entire business. We are pleased to have entered into this agreement with the National Bank of Abu Dhabi to help drive more cost benefits for the business and give us improved leverage regionally. As Etihad Airways continues to grow, this partnership will help bring about greater economies of scale, increased operational efficiency, enhanced financial procedures and immediate solutions to local needs.”
Alex Thursby, NBAD’s Group Chief Executive Officer of NBAD, said: “We are delighted to have won this latest mandate from Etihad Airways along with a previous one recently for their Supply Chain Finance. This is valuable recognition of our commitment to working closely with the airline through our advisory led approach, and designing tailored solutions that best meets their needs and demands. We have the depth and breadth of product to support Etihad Airways across the Middle-East and help the company consolidate and streamline their processes.”