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Monday, November 9 - 2009

ADFS acquires controlling stake in Al Salam Brokerage

  • United Arab Emirates: Saturday, August 02 - 2008 at 16:55
  • PRESS RELEASE

Abu Dhabi Financial Services Company (ADFS), the financial brokerage arm of National Bank of Abu Dhabi (NBAD) and one of the leading brokerage companies in the UAE, has agreed on the general plan and the major articles concerning its acquisition of a controlling stake in Al Salam Brokerage Company, an Egyptian joint company.

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"The acquisition comes in line with NBAD Group's Strategic expansion plans regionally and internationally, and as a step to show the Bank's commitment and confidence in the in the Egyptian market. It also aims to diversify the NBAD's products and expanding the customer base,"

said Mr. Khaled Abdel Rahman Khaled, ADFS' General Manager.

"The selection of Al Salam company was based their long existence in the Egyptian market and its expertise in stock brokerage since 1994," he added.

"Final details of the transaction are being finalized in order to take necessary actions for execution, and will be announced in due course," ADFS' General Manager concluded.
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Notes and media contacts

About NBAD:
The National Bank of Abu Dhabi (NBAD), The Number One Bank in the UAE, was incorporated in 1968. NBAD has a network of 80 branches in the UAE in addition to Cash offices that are spread out at remote locations to provide banking services to customers stationed at offshore oil operations and in desert locations as well as other government organizations. NBAD also has three Shift offices inside the security areas of the Abu Dhabi International Airport providing currency & traveler's cheques exchange services.
The branch network is widened further with 214 ATMs through which customers perform a variety of transactions.

Besides brick & mortar branches, NBAD provides 24 hour internet banking accessibility through NbadOnline and NbadDirect, as well as account access and personalized customer support through the 24-hour Call Centre.

NBAD's overseas network stretches from Oman, Kuwait, and Bahrain in the G.C.C., Egypt and Sudan in Africa, London, Paris, and Geneva in Europe to Washington D.C. in the U.S.A.
The bank provides its customer with a wide variety of financial services targeted at all segments of the retail and corporate market in addition to Fund Management, Brokerage, Leasing, Property Management businesses and Private Banking.

NBAD is rated senior long term/short term A+/A-1 by Standard and Poor's, Aa3/P1 by Moodys and AA-/F1+ by Fitch giving one of the strongest combined rating of any Middle Eastern financial institution.

NBAD is an award winning leader in the UAE and GCC financial services industry. Awards won by the bank include the Middle East Excellence Award 2008, the Mohamed Bin Rashid Al Maktoum Business Award 2007, the Sheikh Khalifa Excellence Award, Dubai Quality Award, 'Best Bank in UAE' from Euromoney and Banker publications, 'Human Resources Development Award' from the Emirates Institute for Banking & Financial Studies, the 'Middle East e-Banking Country Award', the 'Outstanding use of IT in Financial Services Award, and excellence award for 'Best use of Technology' from Banker Middle East.

For Media enquires, please contact:
Ehab Khairi
Media & PR Manager
National Bank of Abu Dhabi
Tel: +97126111190
Mob: +971508126799

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