UAE bank NBAD targets Africa, Asia for wealth management growth
A hot air balloon bearing the logo of Emirates NBD bank hovers over the Emirates Golf Course in Dubai.
National Bank of Abu Dhabi is seeking to expand its wealth management business in Africa and Asia, as it looks to maintain strong growth at a time when its home region is being impacted by political and economic uncertainty.
The largest lender by assets in the United Arab Emirates saw profit and revenue posted by its global wealth unit jump 61 percent and 89 percent year on year respectively in 2014, with revenue surpassing 1 billion dirhams ($272.3 million) for the first time.
NBAD has been focusing on growing its fee-paying businesses such as wealth management in recent quarters as it aims to offset high levels of competition in traditional banking product lines in the UAE and diversify its product offering into areas previously dominated by international lenders.
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Source News: Alarabiya
File photo: Reuters