The National Bank of Abu Dhabi (NBAD), has reached a milestone in Egypt this month with the launch of a branch on the Red Sea coast.
The new NBAD office is located in Al Kawthar area, the main banking district in Hurghada, the leading city on the Red Sea coast and a popular touristic and investment destination. It comprises a branch as well as the regional office for the Red Sea and Upper Egypt zone.
“The NBAD entered Egypt more than 37 years ago and it remains an important and critical market to us,” said Qamber Ali Al Mulla, the Senior General Manager of NBAD’s International Banking Division. “NBAD’s aim is to be the Number One Arab Bank and therefore we will continue to look for opportunities in large Arab economies.”
NBAD has become an established brand in the Egyptian market and has positioned itself as a leading bank in the market, with the establishment of its 30th branch. NBAD targets the top end of the personal banking sector and large corporation, both Egyptian and multinational. NBAD serves as the banker of choice for most UAE companies doing business in Egypt.
“NBAD continues to strategically expand its network in Egypt. The new branch serves the residents of Hurghada and holidaymakers in the resort city,” said Ahmed Ismail Hassan, NBAD’s Regional Manager in Egypt.
“Being NBAD’s third branch in this important destination, it is a valuable addition to NBAD’s branch network and reflects the importance of the city.”
NBAD opened its first branch outside the UAE in Cairo in 1975. The Bank’s international operation has since expanded to nearly 55 branches in 14 countries expanding from the Far East to North America.