Text size:

  • Small
  • Normal
  • Large

NBAD plans to expand across Asia

he National Bank of Abu Dhabi (NBAD), the largest bank in the UAE by market value, will continue to invest in Dubai and elsewhere.

HONG KONG // The National Bank of Abu Dhabi (NBAD), the largest bank in the UAE by market value, will continue to invest in Dubai and elsewhere, but with "care and selectivity" as it embarks on a rapid expansion across Asia, its chief executive says. Michael Tomalin was speaking yesterday in Hong Kong, where he announced NBAD's plans to expand in six Asian countries including China, India and Malaysia.

It is the only bank in the UAE to declare its exposure to Dubai World and its subsidiaries, pointing to a liability of US$345 million (Dh1.26 billion). Investor concerns about its exposure to Dubai caused NBAD's stock to drop this week. Mr Tomalin pointed out that NBAD's exposure was small when compared to its $51bn in assets. "Yes, we will lend to clients in Dubai, in New York, in London, and Hong Kong, but with care and selectivity," he said.

The bank had said it had general corporate loans of more than $200m to the Dubai World property developers Nakheel and Limitless, and had invested $114m in Nakheel's $3.5bn sukuk. Dubai took investors by surprise last week when it said it would ask creditors of Dubai World to delay payment of billions of dollars in debt. It has since begun talks with creditors to restructure loans of about $26bn. NBAD's share price, which had nearly doubled since the start of the year up to the middle of September, tumbled 19 per cent after news of Dubai's debt exposure.

* Reuters

Back to the top

More articles


Editor's Picks

 The Greens, villas: Q1 no change. 3BR - Dh210-250,000. 4BR - Dh210-260,000. 5BR - Dh220-300,000. Q1 2013-Q1 2014 5% rise. Pawan Singh / The National

In pictures: Where Dubai rents have risen and fallen, Q1 2014

Find out how rental prices in the prime locations in Dubai have altered during the first three months of the year and the current rates you will pay according to data provided by Asteco.

 Above, the private pool of Ocean Heights' five-bedroom penthouse flat. Courtesy Christie’s International Real Estate

In pictures: Penthouse flat is height of Dubai luxury living

A five-bedroom penthouse in Ocean Heights in Dubai Marina is on sale for Dh25 million and comes with a private pool and an unparalleled view of Dubai.

 The cooling towers of the Temelin nuclear power plant near the Tyn nad Vltavou in Czech Republic. The country wants to continue expanding nuclear energy capacity despite cancelling a tender to build two new units. David W Cerny / Reuters

In pictures: Best business images for the week to April 17, 2014

Here are some of the best business images for the week to April 17, 2014.

 Three generations of the Hakimi family tend to their stall Crawford Market in Mumbai. Subhash Sharma for The National

In pictures: Shopper’s delight at Crawford Market in Mumbai

Crawford Market is an old British-style covered market dealing in just about every kind of fresh food and domestic animal imaginable. Later on renamed Mahatma Jotirao Phule, the market remains popular among locals and visitors by its old name, taken from Arthur Crawford who was the first municipal commissioner of the city.

 The Wind, Energy, Technology and Environment Exhibition takes place from April 14 to April 16. Above, the Dewa showroom during last year’s Wetex. Jaime Puebla / The National

April corporate and economic calendar for the UAE and overseas

From Cityscape to Wetex to stock-market holidays to nations reporting first-quarter GDP figures, here is our helpful calendar of April's business events in the UAE and internationally.

 Get the latest information on credit cards, bank accounts and loan products in the UAE. Mark Lennihan / AP Photo

Rates report: Latest on UAE loans, accounts and credit cards

Souqamal.com brings you the latest interest rates on banking products in the UAE.

Events

To add your event to The National listings, click here

Get the most from The National