National Bank of Abu Dhabi

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National Bank of Abu Dhabi
بنك أبوظبي الوطني
Public Joint Stock Company
Traded asADXNBAD
Founded1968 (1968)[1]
Headquarters1 NBAD Tower, Abu Dhabi, United Arab Emirates
ProductsLoans, Savings, corporate banking, project finance, corporate advisory, treasury, leasing, property management, Islamic banking[2]
Total assets$220.4 billion (2015)[3]

National Bank of Abu Dhabi (NBAD) (Arabic: بنك أبوظبي الوطني‎) is a bank operating in the United Arab Emirates. NBAD is the largest lender bank in the Emirate of Abu Dhabi and in the United Arab Emirates. NBAD has the largest market capitalization among UAE banks.

NBAD’s headquarters is 1 NBAD Tower in Abu Dhabi, UAE. The Bank will build a new headquarters in Abu Dhabi’s Al Maryah Island, which will house the future Abu Dhabi Financial District.[4][5]

NBAD’s line of businesses include a whole range of retail banking, corporate, wholesale and investment banking, wealth management and private banking; as well as Islamic banking, brokerage, property management and leasing.

NBAD set up a regional financial base in India in 2015 as part of its overseas expansion strategy,[6]

NBAD has regional presence in Kuala Lumpur, Hong Kong and a representative office in Shanghai, China. The bank is also expanding to the South Korean market to expand its presence in Asia.[7] In October 2012, the bank announced that it is planning to triple its contribution from Islamic banking by introducing sharia-compliant services in Oman and Malaysia.[8]

NBAD's international branch network, the largest among UAE banks, spanned across 17 countries in five continents, from the Far East to Americas.

In December 2016, shareholders approved the bank's plans to merge with the First Gulf Bank (FGB)[9] and both banks finalized the second-tier management by February 2017.[10] The plan to merge the banks, which was first announced in June 2016, will be executed through a share swap, with FGB shareholders receiving 1.254 NBAD shares for each FGB share they hold. The merged entity is now known as First Abu Dhabi Bank and is currently the largest bank in the Middle East and North Africa.[11]


NBAD was founded in 1968, the emirate of Abu Dhabi’s first bank.[12]

NBAD is the first UAE bank to expand overseas with the opening of its branch in Cairo, Egypt, in 1975. This was followed by expansion to Sudan and Oman in 1976, the UK in 1977, USA and France in 1979. Its network now reaches to 17 countries across five continents.


NBAD is a Public Joint Stock Company with majority ownership by the Abu Dhabi Investment Council (ADIC). As of 31 December 2013, 70.2% of shares are owned by ADIC and 21.9% are owned by individuals. The remaining shares are owned by Government, corporate and private institutions.[13][dead link]

International network[edit]

NBAD expanded outside the UAE in 1975 with the launch of its branch in Egypt. Today, NBAD operates in 17 countries through branches, subsidiaries and representative offices. Overall, NBAD has nearly 60 branches and offices outside the UAE; Hong Kong, Malaysia (subsidiary), Oman, Bahrain, Kuwait, Jordan, Egypt, Sudan, Switzerland, through its subsidiary NBAD Private Bank (Suisse) SA, France, UK, the United States through its subsidiary Abu Dhabi International Bank. NBAD also has representative offices in Shanghai, China, São Paulo, Brazil, and Beirut, Lebanon. NBAD has said its growth strategy is based on expansion across the West-East Corridor, which it defines the area stretching from West of Africa to East of Asia. It has further said that it plans to build five international bank franchises across the West-East Corridor.

Islamic Banking[edit]

Sharia-compliant banking at NBAD is offered through its subsidiary Abu Dhabi National Islamic Finance Company. ADNIF was founded in 2008.


NBAD serves as the Official Bank of Formula One Abu Dhabi Grand Prix, the first time held in Abu Dhabi in 2009, and in the subsequent years: 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017.

Credit Rating[edit]

Global Finance, has ranked NBAD for the fifth consecutive year among its ‘World’s 50 Safest Banks’.[14]

On 10 October 2013, Standard & Poor's Ratings Services has raised the National Bank of Abu Dhabi 's credit rating based on the strong link with the Government of Abu Dhabi and the important role the bank plays within Abu Dhabi. S&P raised NBAD's long- and short-term counterparty credit ratings on NBAD to 'AA-/A-1+' from 'A+/A-1'. The credit rating agency also affirmed NBAD 's "Stable" outlook.[15]

NBAD is also rated Aa3/P1 by Moody’s, AA-/F1+ by Fitch, A+ by Rating and Investment Information Inc (R&I) Japan, and AAA by RAM (Malaysia).[16]

Structure & Businesses[edit]

NBAD Group was restructured its business operations into three units in 2013: 1. Global Wholesale 2. Gulf Retail and Commercial, 3. Global Wealth

In addition, the Bank has Two Geographies managing the franchise in each country, operating under NBAD’s Gulf & International. The Geographies are 1. Gulf 2. International


NBAD’s Subsidiaries Country of Incorporation
Abu Dhabi International Bank Inc. Willemstad, Curaçao
Abu Dhabi Financial Services LLC Abu Dhabi, United Arab Emirates
Abu Dhabi National Leasing LLC Abu Dhabi, United Arab Emirates
Abu Dhabi National Properties LLC Abu Dhabi, United Arab Emirates
NBAD Trust Company (Jersey) Limited Saint Helier, Jersey
NBAD Private Bank (Suisse) SA Geneva, Switzerland
Abu Dhabi National Islamic Finance Company Abu Dhabi, United Arab Emirates
Ample China Holding Limited Hong Kong
Abu Dhabi Brokerage Egypt Cairo, Egypt

Abu Dhabi Capital Markets NYC


Soon after the announcement of NBAD's merger with First Gulf Bank, NBAD announced that Chief Executive Officer Alex Thursby has stepped down. He was replaced by Abhijit Choudhury as Acting CEO.[17] Choudhury joined NBAD as Chief Risk Officer in December 2006. He was appointed as Acting Group Chief Executive Officer in August 2016. Choudhury’s banking career spans nearly 40 years, starting with ANZ Grindlays Bank in India. He continued to develop a comprehensive knowledge of Mideast markets after 17 years at the Arab Banking Corporation in Bahrain.

Mr. James Burdett is the Group Chief Financial Officer and was appointed to his role in May 2014. Mr. Burdett joined NBAD from Australia and New Zealand Banking Group (ANZ) where he served as Chief Financial Officer International and Institutional Banking. Prior to this position, he was Chief Financial Officer Asia Pacific, Europe and America at ANZ.

Board of directors[edit]

NBAD Board of Directors in 2016:

  • H. E. Nasser Ahmed Alsowaidi, Chairman, Non-executive Director
  • Sheikh Mohammed Bin Saif Bin Mohammed Al Nahyan, Non-executive Director
  • Sheikh Ahmed Mohammed Sultan Al Dhaheri, Non-executive Director
  • Mr. Matar Hamdan Al Ameri, Independent Non-executive Director
  • H.E. Sultan Bin Rashed Al Dhaheri, Non-executive Director
  • Mr. Khalifa Sultan Al Suwaidi, Non-executive Director
  • H.E. Hareb Masood Al Darmaki, Non-executive Director
  • H.E. Mohammed Omar Abdulla, Non-executive Director
  • H.E. Sultan Nasser Al Suwaidi, Non-executive Director
  • Ms. Mariam Saeed Ghobash, Non-executive Director
  • Mr. Hashim Fawwaz Al Kudsi, Non-executive Director
  • Mr. David Beau, Independent Non-executive Director

Senior Management [18][edit]

  • Abhijit Choudhury - Acting Group Chief Executive Officer
  • Abdulla Mohammed Saleh AbdulRaheem - Deputy Group Chief Executive Officer
  • Samer Abdelhaq - Senior Managing Director & Group General Counsel - Legal & Compliance Division
  • Mahmood Al Aradi - Senior Managing Director & Head of Global Markets
  • Khalaf Sultan Bin Rashed Al Dhaheri - Senior Managing Director & Group Chief Operating Officer
  • Qamber Ali Al Mulla - Senior Managing Director & CEO of Gulf & International
  • Abdulla Bin Khalaf Al Otaiba - Senior Managing Director & Group Head of Global Retail & Commercial
  • Saif Al Shehhi - Senior Managing Director - Abu Dhabi Government & VVIP Clients
  • James Burdett - Group Chief Financial Officer
  • Rudiger Von Wedel - Senior Managing Director of Global Wealth
  • Malcolm Walker - Senior Managing Director & Group Chief Audit Officer
  • Akram Mark Yassin - Senior Managing Director & Head of Global Banking


  1. ^ "NATIONAL BANK OF ABU DHABI (NBAD:Abu Dhabi): Company Description - Businessweek". Retrieved 28 November 2012.
  2. ^
  3. ^
  4. ^
  5. ^
  6. ^ Editorial, Reuters. "UAE lender NBAD to enter India before end of 2014 - sources". IN. Retrieved 2018-02-19.
  7. ^ "UAE's bank issues US$163mil sukuk". Reuters via 26 November 2012. Retrieved 26 November 2012.
  8. ^ "UPDATE 1-National Bank of Abu Dhabi to expand Islamic banking - Yahoo! News Maktoob". Retrieved 28 November 2012.
  9. ^ Shareholders of NBAD, FGB approve merger:Gulf News, December 7, 2016
  10. ^ Ahead of merger, UAE banks NBAD, FGB finalise second-tier management:Emirates 24|7, February 7, 2017
  11. ^ "FGB and NBAD have Successfully Merged". Retrieved 2017-09-05.
  12. ^ "NATIONAL BANK OF ABU DHABI (NBAD:Abu Dhabi): Company Description - Businessweek". Retrieved 28 November 2012.
  13. ^ "Investor Relations: Ownership" Check |url= value (help). Retrieved 23 February 2014.
  14. ^ "NBAD safest bank in Middle East among world's top 50". Retrieved 28 August 2013.
  15. ^ "S&P Upgrades NBAD's Credit Rating". Retrieved 11 October 2013.
  16. ^
  17. ^ "Alex Thursby steps down as NBAD group chief executive". The National. Retrieved 2018-02-19.
  18. ^ "Senior Management". Retrieved 2016-07-04.

External links[edit]