NBAD reports AED1.15B increase in SME deposits

NBAD reports AED1.15B increase in SME deposits

The National Bank of Abu Dhabi (NBAD) has opened a new business banking centre in Abu Dhabi’s to cater to the rise in its SME clients in this year.

September 6, 2011 4:00 by Precious de Leon

“[The] SME sector is still under-penetrated by the banking industry; however, NBAD continues to focus on serving it, which offers a valuable service to SMEs, who are the backbone of the economy; and provides the Bank a solid vehicle for growth,” said Haitham AlRefaie, Head of Business Banking Group at NBAD.

In the first half of 2011, NBAD acquired about 3,000 new SME accounts and increased SME deposits by AED 1.15 billion; and loans rose by AED 400 million.

“The business banking centres that we have been opening since the beginning of the year have been very crucial in our strategy to serve SMEs because these centres are specifically designed and staffed to serve this segment,” Mr. AlRefaie said.

The newest NBAD business banking centre is the Bank’s first inside the Island of Abu Dhabi and the fifth in the UAE. It is located within the NBAD Mina Branch.

In addition to the centres, NBAD has launched several SME-oriented products and services that include Rent Finance, Visa Business Credit Card, as well as several partnerships.

Recent statistics reveal that SMEs account for more than 46 percent of the UAE’s GDP and around 90 percent of all businesses in the country.

NBAD plan to launch two more business banking centres in Dubai and one in each of the Emirates of Sharjah, Ajman, Ras Al Khaimah/Umm Al Qaiwain, and Fujairah this year.