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National Bank of Abu Dhabi expands to Malaysia, shares and market close unchanged

The Abu Dhabi equity measure ADXGI closed flat at 2,472.27 points Thursday. Amid rising oil prices and an ever increasing global energy demand, Abu Dhabi National Energy Co. or Taqa added 0.83% to reach Dhs1.22. The sheikhdom's largest lender National Bank of Abu Dhabi, known as NBAD, closed even at Dhs8.25. Earlier in the day, NBAD said it launched its wholly owned subsidiary National Bank of Abu Dhabi Malaysia Berhad (NBAD - Malaysia) in Kuala Lumpur, expanding NBAD's global network to 14 countries. The UAE was Malaysia's biggest trading partner in the GCC in 2011 with MYR21.06bn (Dhs24.42bn) of trade flows. "The opening of NBAD's first branch in Southeast Asia is a major step for the National Bank of Abu Dhabi. Southeast Asia is one of the fastest growing regions of the world with a strong commercial link to the UAE and Gulf Cooperation Council (GCC)," said Qamber Ali Al Mulla, the Senior General Manager of International Banking Division of NBAD.