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NBAD plans 22 new branches in Egypt in near-term
NBAD aims to become the largest Arab bank.
August 25, 2010 11:48 by Reuters
National Bank of Abu Dhabi, the second largest bank in the United Arab Emirates, said on Wednesday it plans to open around 22 branches in Egypt in the short-term as part of aims to become the largest Arab bank.
The bank said in a statement it already had 28 branches in the most populous Arab country, and aims to bring that number to 50 in the near-term.
“NBAD’s aim is to be the number one Arab bank and therefore we will continue to look for opportunities in large Arab economies as well as other international markets,” said Qambar Al Mulla, head of the bank’s international operations.
NBAD currently has a number of expansion projects in the pipeline in various stages, he added, without elaborating.
The Abu Dhabi-listed bank opened its first overseas branch in Cairo in 1975, and since then, Egypt remains an important and critical market, he said.
NBAD continues to expand its international presence. The Bank now has nearly 50 units operating in 12 countries spanning the Far East to North America, Africa and the Middle East.
(Reporting by Stanley Carvalho; editing by Simon Jessop)