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NBAD Private Bank (Suisse) SA, the wholly owned subsidiary of the National Bank of Abu Dhabi (NBAD) PJSC, celebrated its fifth anniversary in a VIP event at the Parc de Eaux-Vives in Geneva.
Since its launch in June of 2007, NBAD Suisse has grown from strength to strength, with the following key achievements reached:
• Launch of the trade finance operations in mid-2008,
• Purchased its Quai de l’Ile building in November of 2009,
• Migrated to the Avaloq banking system in 2010,
• Breakeven reached in early 2010 ( less than three years since the launch and according to the business plan).
• 2011 profits were in excess of CHF 3 million (AED 11.6 million), and have further accelerated growth in 2012.
• Balance sheet growing to over CHF 1.2 billion, (AED 4.6 billion)
• Assets Under Management (AUM) growing to around CHF2 billion (AED 7.74 billion).
• Staff numbers increased from 10 to 45 people and NBAD will hire more people this year.
• Despite the financial crisis commencing only a few months after the launch of NBAD Suisse, it has built up its private banking business, taking a conservative approach on client acceptance by applying stringent compliance standards.
NBAD Suisse is a fully licensed Swiss Bank providing quality wealth management services to international HNWI. In addition to offering a wide range of investment advice and services, we built a niche expertise in the fixed income instruments of the GCC market. The Bank is working on expanding further this product offering.
NBAD Suisse has quickly established itself as one of the important actors in the Geneva trade finance area, and the second half of 2012 will see NBAD Suisse further expand the commodity trade finance offering. During the same period, the National Bank of Abu Dhabi Group has also experienced strong growth. Benefitting from the comfort of the strong support of its shareholders, and ranked as one of the World’s 50 Safest Banks since 2009 and the safest bank in the Middle East. NBAD was the first UAE bank to achieve net profits of over USD 1 billion in 2010, and maintained its strong credit ratings through the financial crisis.
“We have been very pleased with the strong stable growth, which was built on our steady approach of building up the Bank step-by-step, focusing on handpicking key talents within Geneva,” said Khaled Suleiman, CEO of NBAD Suisse. “Our expansion plan for 2012 to 2015 will see us focus further on growing our Private Banking team, and additional hires.”
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