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NBAD looking to expand abroad
- United Arab Emirates: Wednesday, December 12 - 2012 at 03:51
The UAE's largest lender by market value, National Bank of Abu Dhabi (NBAD) has said it is looking at acquisitions, as part of a plan to more than double the proportion of profits it makes from abroad over the next ten years, Reuters has reported. "In five years the international banking division should contribute 25% of the bank's operating profit and 40% in 10 years," said the head of NBAD's international banking division, Qamber Ali al Mulla. "It is a challenge but with our strength, ratings and government support, it is feasible," he added. The majority government-owned bank wants to be in 41 countries by 2021, compared with 14 now, and plans to expand in the Gulf region as well as further afield in Africa and Asia, al Mulla said.
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