Emirates NBD is to hire between 200 and 300 new staff as its retail division returns to growth and launches new investment products.
Emirates NBD to add up to 300 jobs
Emirates NBD plans to add between 200 and 300 staff as its retail division returns to growth and launches new investment products, the bank's deputy chief executive says.
"We're adding more people and there are lots of good signs. Our strategy is conservative, but we're growing," said Jamal bin Ghalaita, who is also head of consumer banking.
His comments yesterday came on the sidelines of a conference announcing the bank's new gold certificates, which allow investors to purchase certificates for gold stored in a vault as an alternative investment to property, stocks and bonds.
The bank's recruitment drive signals renewed optimism for Emirates NBD, which suffered a dip in profits of 59.7 per cent to Dh423.9 million (US$115.41m) in the third quarter of this year, largely because of provisioning for its exposure to Dubai World debt.
"We are adding more sales people, we have expanded private banking and I have expanded the team and am going to expand that further," Mr bin Ghalaita said. "I am expanding my priority banking and we are adding more people."
Provisions for defaulting loans fell by half from the first three months of the year to the third quarter, and the bank's problems with bad loans should ease next year, Mr bin Ghalaita said.
However, Sofia el Boury, a banking analyst at Shuaa Capital, said the exposure to bad debts was not likely to improve for some time for Dubai banks.
"Remaining on the safe side, we don't expect asset quality to improve in 2011," she said.
If asset quality were to improve, this would not occur until later in the year, she said.
But Jonathan Gould, the manager for financial services recruitment at the headhunter Morgan McKinley, said hiring in Dubai's banking sector was starting to pick up.
"There's been some really good positive signs lately," he said. "We've been approached by a couple of banks, both regionally and internationally, to work on bulk recruitment hires."