NBAD to enter Far East, Jordan this year in expansion drive; insurance foray on cards

National Bank of Abu Dhabi (NBAD), the largest bank in Abu Dhabi with an asset base in excess of Dh160 billion, is expanding into the Far East with a branch in Hong Kong, Chief Executive Michael H Tomalin told Emirates Business . The bank has finalised plans to take its tally to 100 with the addition of 13 branches this year, Tomalin said in an interview. "As of now, we do not have branch operations in the Far East. We have permission to open a branch in Hong Kong and this will be done in the fourth quarter of this year. Though we used to operate branches in Sydney, Tokyo and Singapore in the past, we are now returning to the Far East after a gap," he said. The bank has also got a licence to operate in Jordan, where it will establish a presence this year. In the GCC, the bank has operations in Kuwait, Oman, Bahrain and the UAE. Tomalin said the bank has also applied to open in Qatar. The bank is reviewing the option of opening a branch in Saudi Arabia. It is also reviewing the prospects of entering India, Morocco, Algeria and other markets around the Arab World. Tomalin said there are different ways of establishing a presence in India. "One is forging an alliance with an Indian bank. Another is to buy an Indian bank. A third is through opening a branch in India and the fourth could be to do suitcase banking. We are looking at all four options," he said. NBAD is considering the idea of opening brokerage businesses in Oman and Jordan, and does not rule out an entry into insurance. "As a bank, we can own only up to 40 per cent in an insurance company. But we are not ruling out the possibility of forging a joint venture for establishing an insurance entity in the future," Tomalin said. Keep up with the latest business news from the region with the daily Emirates Business 24|7 newsletter. To subscribe to the newsletter, please click here .