National Bank of Abu Dhabi PJSC, the United Arab Emirates’ biggest bank, plans to recruit 450 people this year to improve its retail and commercial banking business.
The hires include about 180 people to sell retail products such as mortgages and personal loans as well as luring customer deposits, Chief Executive Officer Alex Thursby said in a May 1 interview in Abu Dhabi.
The bank, which recruited a five-member trade finance team from HSBC Holdings Plc (HSBA), will also seek to add people with experience in North East and South East Asia as it pursues expansion plans stretching from Lagos to Singapore.
Thursby is seeking to boost the bank’s position in retail banking in the U.A.E to the top three by 2018, compared with the current ranking of fifth.
The bank is also building hubs in eight global cities to tap an expanding middle class and growing trade and investments flows within a “west-east corridor” that extends from west Africa to the east coast of China.
“We have rebuilt the whole commercial proposition in nine months and transforming the retail bank is well on,” said Thursby, who joined from Australia & New Zealand Banking Group Ltd. (ANZ) in July and last week recruited ANZ banker James Burdett as his chief financial officer.
“Already that business is growing, growing aggressively from a small base.”
Fee Income
NBAD aims to boost retail banking revenue by 14 percent annually over the next five years, compared with industry growth of six percent to seven percent, it said in March.
The bank is also boosting its wholesale lending business in London and Hong Kong and next year plans to increase its presence in the six-nation Gulf Cooperation Council, which also includes Saudi Arabia and Qatar.
The bank is working to reduce its reliance on lending and interest income while boosting fees from areas such as managing share and bond sales for clients.
Bank earnings in the U.A.E. are improving as economic growth accelerates, helped by a recovery in property prices, a revival in tourism and rising government investment.
The U.A.E. economy expanded 4.8 percent last year, the fastest pace in seven years, according to data compiled by Bloomberg. NBAD, 70 percent owned by the Abu Dhabi government, last week reported first quarter profit of 1.41 billion dirhams ($383 million).
While that was little changed from a year earlier, it beat analysts’ estimates of 1.19 billion dirhams. The shares were unchanged at 14.15 dirhams in Abu Dhabi today and have gained about 12 percent this year. The exchange’s benchmark index has risen 18 percent this year.
The state-controlled lender will focus on the hubs of Abu Dhabi, Mumbai, Lagos, Singapore, Hong Kong, London, Paris and Washington D.C., it said in October.
bloomberg.com
The hires include about 180 people to sell retail products such as mortgages and personal loans as well as luring customer deposits, Chief Executive Officer Alex Thursby said in a May 1 interview in Abu Dhabi.
The bank, which recruited a five-member trade finance team from HSBC Holdings Plc (HSBA), will also seek to add people with experience in North East and South East Asia as it pursues expansion plans stretching from Lagos to Singapore.
Thursby is seeking to boost the bank’s position in retail banking in the U.A.E to the top three by 2018, compared with the current ranking of fifth.
The bank is also building hubs in eight global cities to tap an expanding middle class and growing trade and investments flows within a “west-east corridor” that extends from west Africa to the east coast of China.
“We have rebuilt the whole commercial proposition in nine months and transforming the retail bank is well on,” said Thursby, who joined from Australia & New Zealand Banking Group Ltd. (ANZ) in July and last week recruited ANZ banker James Burdett as his chief financial officer.
“Already that business is growing, growing aggressively from a small base.”
Fee Income
NBAD aims to boost retail banking revenue by 14 percent annually over the next five years, compared with industry growth of six percent to seven percent, it said in March.
The bank is also boosting its wholesale lending business in London and Hong Kong and next year plans to increase its presence in the six-nation Gulf Cooperation Council, which also includes Saudi Arabia and Qatar.
The bank is working to reduce its reliance on lending and interest income while boosting fees from areas such as managing share and bond sales for clients.
Bank earnings in the U.A.E. are improving as economic growth accelerates, helped by a recovery in property prices, a revival in tourism and rising government investment.
The U.A.E. economy expanded 4.8 percent last year, the fastest pace in seven years, according to data compiled by Bloomberg. NBAD, 70 percent owned by the Abu Dhabi government, last week reported first quarter profit of 1.41 billion dirhams ($383 million).
While that was little changed from a year earlier, it beat analysts’ estimates of 1.19 billion dirhams. The shares were unchanged at 14.15 dirhams in Abu Dhabi today and have gained about 12 percent this year. The exchange’s benchmark index has risen 18 percent this year.
The state-controlled lender will focus on the hubs of Abu Dhabi, Mumbai, Lagos, Singapore, Hong Kong, London, Paris and Washington D.C., it said in October.
bloomberg.com
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