The largest lender by market value in the United Arab Emiratres, National Bank of Abu Dhabi, said last Thursday that it had outlined plans to establish banking hubs in identified urban centers throughout the world. It would also be building five franchises in some of the world's fastest emerging markets.
The said plans were announced by newly installed NBAD Group CEO Alex Thursby. He became CEO last July and would be spearheading the new projects in identified banking hubs such as Abu Dhabi, Hong Kong, Lagos, London, Paris, Singapore and Washington DC. Another bank objective would be for the bank to become 'the largest, safest and best performing bank in the UAE and overtime in GCC.'
Thursby had laid out plans to expand its wholesale network across the West-East Corridor and integrate the European and North American platforms. There are also plans to build five international bank franchises in the emerging economies located in West-East Corridor.
According to a bank's statement, "This region represents vast potentials with unlimited resources, growing economic activiites and an emerging middle class." Thursby added, "To streamline our operatoons, one priority area is to build an organization structure that is simple and scalable with no duplications."
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