National Bank Of Abu Dhabi (NBAD) (Arabic ：بنك أبوظبي الوطني） Was A Bank Operating In The United Arab Emirates (UAE) Until It Merged With First Gulf Bank In December 2016 To Form First Abu Dhabi Bank. NBAD Is The Largest Lending Bank In The Emirate Of Abu Dhabi And The United Arab Emirates. NBAD Has The Largest Market Capitalization Among UAE Banks.
NBAD's Business Scope Includes A Range Of Retail Banking, Corporate, Wholesale And Investment Banking, Wealth Management And Private Banking; As Well As Islamic Banking, Brokerage, Property Management And Leasing.
In 2015, NBAD Established A Regional Financial Base In India As Part Of Its Overseas Expansion Strategy.
NBAD Has Regional Offices In Kuala Lumpur, Hong Kong And A Representative Office In Shanghai, China. The Bank Has Also Expanded Into The Korean Market To Expand Its Presence In Asia. In October 2012, The Bank Announced Plans To Triple Its Contribution To Islamic Banking By Introducing Shariah Compliant Services In Oman And Malaysia.
NBAD's International Branch Network Is The Largest Of Any Bank In The UAE, Covering 17 Countries Across Five Continents, From The Far East To The Americas.
In December 2016, Shareholders Approved The Bank's Plan To Merge With First Gulf Bank (FGB), With Both Banks Completing Secondary Management By February 2017. The Merger Plan For The Two Banks, First Announced In June 2016, Will Be Executed Through A Share Swap, With FGB Shareholders Receiving 1.254 NBAD Shares For Every FGB Share Held. The Merged Entity, Now Known As First Abu Dhabi Bank, Is Currently The Largest Bank In The Middle East And North Africa.
History
NBAD Was Established In 1968 As The First Bank In The Emirate Of Abu Dhabi.
NBAD Was The First UAE Bank To Expand Overseas, Opening A Branch In Cairo, Egypt In 1975. In 1976, It Expanded To Oman And Sudan, Then To The UK In 1977, And France And The US In 1979. Prior To The Merger, The Bank's Network Expanded To Five Continents And 17 Countries.
Ownership
The Bank Is Primarily Owned By The Abu Dhabi Investment Board. As Of December 2013, ADIC Owned 70.2% Of The Shares, And The Remaining 21.9% Was Owned By Various Parties Including Government, Corporate And Private Institutions.
INTERNATIONAL NETWORK
In 1975, NBAD Established A Branch Office In Egypt To Expand Its Business Beyond The UAE. Prior To The Merger, NBAD Had Been Operating In 17 Countries Through Branches, Subsidiaries And Representative Offices. Overall, NBAD Has Nearly 60 Branches And Offices Outside The UAE; Hong Kong, Malaysia (subsidiary), Oman, Bahrain, Kuwait, Jordan, Egypt, Sudan, Switzerland (through Its Subsidiary NBAD Private Bank (Suisse) SA, France, United Kingdom, United States (through Its Subsidiary Abu Dhabi International Bank). NBAD Also Has Representative Offices In Shanghai, China, Sao Paulo, Brazil, And Beirut, Lebanon. NBAD Has Said That Its Growth Strategy Is Based On The Expansion Of The Entire East-West Corridor, Which Defines The Region From West Africa To East Asia. The Company Further Said That It Plans To Establish Five International Banking Concessions In The West-East Corridor.
Islamic Banking
NBAD Provides Sharia-compliant Banking Through Its Subsidiary, Abu Dhabi National Islamic Finance Corporation. ADNIF Was Established In 2008.
Sponsorship
NBAD Is The Official Bank Of The Formula 1 Abu Dhabi Grand Prix, Which Was First Held In Abu Dhabi In 2009, Followed By The Following Years: 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017.
Credit Rating
Global Finance Has Ranked NBAD As One Of The "50 Safest Banks In The World" For The Fifth Consecutive Year.
On October 10, 2013, Standard & Poor's Rating Services Upgraded National Bank Of Abu Dhabi's Credit Rating Based On Its Close Ties To The Abu Dhabi Government And The Important Role Banks Play Within Abu Dhabi. Standard & Poor Upgraded NBAD's Long- And Short-term Counterparty Credit Ratings To'AA-/A-1 + 'from'A +/A-1'. The Rating Agency Also Confirmed NBAD's "stable" Outlook.
NBAD Is Also Rated Aa3/P1 By Moody's, AA-/F1 + By Fitch Ratings, A + By Japan Ratings & Investment Information (R & I), And AAA By RAM (Malaysia).
Structure And Business
In 2013, NBAD Group Restructured Its Business Operations Into Three Divisions: 1. Global Wholesale 2. Gulf Retail & Commercial, 3. Global Wealth
Additionally, The Bank Has Two Regional Management Concessions In Each Country, Operating Under NBAD's Gulf & International. The Geographical Area Is 1. Gulf 2. International
Subsidiary
New York Abu Dhabi Capital Markets
Executive
Shortly After The Announcement Of The Merger Of NBAD With First Gulf Bank, NBAD Announced That Alex Thursby, CEO, Had Resigned. Abhijit Choudhury Succeeded Him As Acting CEO. Choudhury Joined NBAD In December 2006 As Chief Risk Officer. He Was Appointed Acting Group CEO In August 2016. Choudhury's Banking Career Spans Almost 40 Years, Starting With ANZ Grindlays Bank In India. After 17 Years With Arab Banking Corporation In Bahrain, He Continues To Have A Comprehensive Knowledge Of The Middle East Market.
Mr. James Burdett Was Appointed Group Chief Financial Officer In May 2014. Prior To Joining NBAD, Mr. Burdett Served As Chief Financial Officer For International And Institutional Banking At Australia And New Zealand Banking Group (ANZ). Prior To This, He Served As Chief Financial Officer For ANZ Asia Pacific, Europe And The Americas. Subsidiaries Of NBAD Companies Registered National Abu Dhabi International Bank Willemstad, Abu Dhabi Financial Services LLC Abu Dhabi, Curaçao, Abu Dhabi National Leasing LLC Abu Dhabi, United Arab Emirates Abu Dhabi National Properties LLC Abu Dhabi, United Arab Emirates NBAD Trust Company (Jersey) LimitedSaint Helier, Jersey NBAD Private Banking (Switzerland) Joint Stock Company Geneva, Switzerland Abu Dhabi National Islamic Finance Corporation Abu Dhabi, United Arab Emirates Plenty China Holdings Limited Hong Kong Abu Dhabi Brokerage Egypt, Cairo
