The lender’s global wealth unit posted an increase in profit and revenue by 61% and 89% year-on-year, respectively in 2014.
In recent quarters, the bank, in order to offset better competition levels in traditional banking product lines in the country, has been focusing on growing its wealth management business.
It also aims to expand its product offering into areas that were dominated by international lenders earlier, Reuters reported, with plans to establish eight banking hubs in major cities from West Africa to China.
NBAD global banking chief investment officer Gary Dugan told the news agency that the recent challenges of weaker local markets can be compensated with the bank’s diversification strategy.
NBAD, which plans to introduce its fee-paying wealth management services for wealthy Egyptians, also proposes to open its first office in India in July, where it looks to deploy investors’ capital.
NBAD is the second largest lender in the UAE and its line of businesses include a whole range of retail banking, corporate, wholesale and investment banking. The bank’s businesses also include wealth management and private banking; as well as Islamic banking, brokerage, property management and leasing.
Image: National Bank of Abu Dhabi in UAE. Photo: courtesy of Ijanderson977
