Abu Dhabi bank coming soon

Retail line targets high-net-worth individuals

The National Bank of Abu Dhabi (NBAD) will open its first local branch by the end of 2013. NBAD has recently obtained a license from the Central Bank to operate locally and was assigned number 140 in the list of banks. “The Lebanon branch is set to open in November or December,” said Felix Tohme, NBAD’s Regional Manager and General Manager of the Lebanon branch.

NBAD operations will include retail and commercial banking, as well as private banking. “Our retail banking operations will mainly focus on high-net-worth individuals, rather than on high volume,” Tohme said. The bank will also offer trade finance and treasury services (financial markets).
NBAD’s local offices are situated in the Beirut Central District, Starco area. “We will operate from one branch at first, with the possibility to open more branches gradually in line with the business track,” said Tohme.

NBAD, the largest lender by market value in the United Arab Emirates (UAE), has chosen Lebanon as its regional office in the Levant. Tohme said: “The bank is planning to expand its reach in the Levant region, namely in Egypt and Syria after the situation there clears out.”

The bank will start locally with a capital of $6.7 million (or LL10 billion), the minimum required to start a foreign bank branch. “The branch will be supported by NBAD (UAE) whenever it is necessary to increase the capital, such as for regulatory reasons,” Tohme said.

NBAD is 70 percent owned by the Abu Dhabi Investment Council (ADIC), the investment arm of the Government of Abu Dhabi. Some 27 percent of the bank is owned by a number of UAE nationals. NBAD’s Chairman of Board of Directors is Nasser Ahmed Khalifa Alsowaidi. Its Group Chief Executive is Michael Tomalin.

Tohme was formerly Group Head of Financial Institutions at Byblos Bank.