The National Bank of Abu Dhabi (NBAD), has become the first bank to open a branch in Masdar City, the ambitious sustainable development which is advancing the development, commercialisation, and deployment of renewable and alternative energy technologies and solutions.

Michael H. Tomalin, the Group Chief Executive of NBAD; Ahmed Baghoum, Director of Masdar City Zone; Saif Al Shehhi, the Senior General Manager of NBA’s Domestic Banking Division; Qamber Ali Al Mulla, the Senior General Manager of International Banking Division at NBAD and several other executives of NBAD and Masdar cut the red ribbon to the NBAD Masdar City Branch during a grand opening ceremony.

"Opening a branch in Masdar City is a natural outcome of the National Bank of Abu Dhabi’s vision and principles: NBAD is a forward-looking bank and has made Corporate Sustainability a key part of its strategy. Therefore it is appropriate that NBAD is the first bank to open its branch in a city that serves as a global paradigm for sustainability," said Saif Al Shehhi.

In another move to support Masdar and advance the cause of sustainability, NBAD was one of the banks providing US$600 million (AED 2.2 billion) financing to a group led by Masdar to build Shams-1, the UAE’s first and one of the world’s biggest, utility-scale solar power project.

The inauguration of the Masdar City Branch, the Bank’s 113th branch in the UAE, follows NBAD’s launch of the UAE’s first solar-powered ATM in January 2011. The Bank will also develop other sustainable products, such as credit cards made from sustainable materials and expects to become a signatory of the Equator Principles this year.

"As NBAD continues on its path toward becoming a sustainable bank, it supports and promotes other national programmes and efforts that advance sustainability; this is why we are here in Masdar City," Al Shehhi said.

NBAD plans to reduce energy by 15 per cent, paper usage by 10 per cent and to reduce water consumption by 10 per cent in 2011. To this end, NBAD has created the Greener Office Programme as a more sustainable way of working, with 43 Green Champions advocating ways employees can work environmentally smarter to achieve these targets. The bank is currently in discussions with Masdar to work towards tracking NBAD’s carbon footprint.

"Masdar City is a unique, world renowned urban development that will be home to sophisticated residents and a global destination for visitors. NBAD is proud to be the first bank to offer branch services in Masdar City and we will continue to serve our customers with the same quality that has earned NBAD high marks, such as the Best Bank in the UAE by Euromoney and one of the top 50 Safest Banks in the World by Global Finance," said Sarkar.

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