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"NBAD will open its branch during the second half of 2009 and this is just the beginning of our strategic initiative for the Far East where we intend future expansion with Hong Kong being made the Regional Head Quarters,"Mr. Al Mulla added.
"NBAD's branch in Hong Kong will be equipped to provide a full range of banking services & products and will play a vital role in boosting the trade between UAE and Far East, particularly Hong Kong and China, and facilitate business dealings between the two countries," Mr. Al Mulla explained who also highlighted that the branch would serve as a gateway for investors from the Arab World looking to invest in China and the Far East and given the strength of NBAD's UAE and International Networks, will assist Chinese investors and business houses interested in doing business or investment in the UAE and GCC..
"Opening NBAD's branch in Hong Kong underpins our international network, which is the largest overseas network of all UAE local banks. It stretches from Oman, Kuwait, and Bahrain in the G.C.C., Egypt, Libya and Sudan in Africa, London, Paris, and Geneva in Europe to Washington D.C. in the U.S.A.," he added.
"NBAD will continue with its expansion plans in new markets. We have already received a license to open a branch in Jordan and we expect to open our first branch in Amman during the second half of 2009. In addition, we are looking at markets such as Qatar, Saudi, Morocco, Tunisia, Algeria etc. NBAD also has plans to increase the number of our branches in existing locations such as Oman, Bahrain, Kuwait, and Egypt during the coming period in line with the Bank's strategy," Mr. Al Mulla concluded.
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Posted by Rana Mesbah
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