National Bank of Abu Dhabi is planning a major push to boost its branch business in a bid to catapult the lender to the top ranks of retail banking.
That would involve “significant” investments to rebrand its branches and offer better e-banking services to its customers in the UAE over the next two years, said the chief executive Alex Thursby in an interview yesterday.
“We really want to assert ourselves in the retail space in the next three to four years,” he said. “We’re a good player but we’re not an outstanding player. We’re number five. I want to be higher than that. I think we can do a better job in the Arab expatriate segment. I think we can do a better job in the UAE national segment and I think to an extent the non-resident Indian segment.”
The bank, the largest by assets in the UAE, will rebrand 17 branches in the country next year in a bid to make them focus more on sales and services and less on bank-telling activities. To that end, NBAD is also revamping its e-banking platform, which Mr Thursby said still had a 1990s feel. It will roll out smartphone and tablet apps by the third or fourth quarter of 2014, he said.
“One of the other things that we’ll start to do next year is to get our retail e-channel, smartphone proposition right,” Mr Thursby said. “We are behind the market if you compare us to HSBC but I do think you have to balance this. It’s not about the destruction of the branch network. The branches will become much more sales-orientated, settling things like mortgage.”
The bank has been considered by some as a sleeping giant in the field of consumer banking, where competition has stiffened.
Offering banking services to affluent customers has become more attractive than the yields garnered from lending to corporations, where the volumes are bigger but the margins thinner.
Mr Thursby, who was appointed chief executive this year, wants to streamline the lender by focusing on growing the retail businesses at home and in a few other emerging markets as well as going after a US$137 billion corporate banking market in a corridor that spans Africa, the Middle East and Asia.
Under a five-year strategy, NBAD will divide itself into three core businesses of global wholesale, global wealth and retail and commercial operations in the Arabian Gulf. It will also cut back on some existing activities and focus on bolstering the parts of its retail and wholesale business that will generate the most profits.
mkassem@thenational.ae
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Starring: Shaima Al Tayeb, Wafa Muhamad, Hamss Bandar
Rating: 3/5
Company Profile
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Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government
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Stuck: Live, on-demand language support to boost writing
Walzay: Helps in recruitment while reducing hiring time
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Eighty6: Marketplace for restaurant and supplier procurements
FarmUnboxed: Helps digitise international food supply chain
NutriCal: Helps F&B businesses and governments with nutritional analysis
Wellxai: Provides insurance that enables and rewards user habits
Egypt
Amwal: A Shariah-compliant crowd-lending platform
Deben: Helps CFOs manage cash efficiently
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Started: 2022
Founders: Hamza Iraqui and Abdessamad Ben Zakour
Based: UAE
Industry: Refurbished electronics
Funds raised so far: $10m
Investors: Flat6Labs, Resonance and various others
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A fraudulent investment operation where the scammer provides fake reports and generates returns for old investors through money paid by new investors, rather than through ligitimate business activities.
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- Jack Mayle, 30: sold drugs from a phone line called the Flavour Quest.
- Callum Halpin, 27: over the 2018 murder of a rival drug dealer.
- Asim Naveed, 29: accused of being the leader of a gang that imported cocaine.
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- Dean Garforth, 29: part of a crime gang that sold drugs and guns.
- Joshua Dillon Hendry, 30: accused of trafficking heroin and crack cocain.
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UAE athletes heading to Paris 2024
Equestrian
Abdullah Humaid Al Muhairi, Abdullah Al Marri, Omar Al Marzooqi, Salem Al Suwaidi, and Ali Al Karbi (four to be selected).
Judo
Men: Narmandakh Bayanmunkh (66kg), Nugzari Tatalashvili (81kg), Aram Grigorian (90kg), Dzhafar Kostoev (100kg), Magomedomar Magomedomarov (+100kg); women's Khorloodoi Bishrelt (52kg).
Cycling
Safia Al Sayegh (women's road race).
Swimming
Men: Yousef Rashid Al Matroushi (100m freestyle); women: Maha Abdullah Al Shehi (200m freestyle).
Athletics
Maryam Mohammed Al Farsi (women's 100 metres).
COMPANY PROFILE
Company name: Almouneer
Started: 2017
Founders: Dr Noha Khater and Rania Kadry
Based: Egypt
Number of staff: 120
Investment: Bootstrapped, with support from Insead and Egyptian government, seed round of
$3.6 million led by Global Ventures
TWISTERS
Director:+Lee+Isaac+Chung
Starring:+Glen+Powell,+Daisy+Edgar-Jones,+Anthony+Ramos
Rating:+2.5/5
ICC Awards for 2021+
MEN
Cricketer of the Year+– Shaheen Afridi+(Pakistan)
T20 Cricketer of the Year+– Mohammad Rizwan+(Pakistan)
ODI Cricketer of the Year+– Babar Azam+(Pakistan)
Test Cricketer of the Year+– Joe Root+(England)
WOMEN
Cricketer of the Year+– Smriti Mandhana+(India)
ODI Cricketer of the Year+– Lizelle Lee+(South Africa)
T20 Cricketer of the Year+– Tammy Beaumont+(England)
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
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Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
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Company Profile
Company name: Namara
Started: June 2022
Founder: Mohammed Alnamara
Based: Dubai
Sector: Microfinance
Current number of staff: 16
Investment stage: Series A
Investors: Family offices
Monster Hunter: World
Capcom
PlayStation 4, Xbox One
Company profile
Name:+Dukkantek
Started:+January 2021
Founders:+Sanad Yaghi, Ali Al Sayegh and Shadi Joulani
Based:+UAE
Number of employees:+140
Sector:+B2B Vertical SaaS(software as a service)
Investment:+$5.2 million
Funding stage:+Seed round
Investors:+Global Founders Capital, Colle Capital Partners, Wamda Capital, Plug and Play, Comma Capital, Nowais Capital, Annex Investments and AMK Investment Office
MEYDAN CARD
6.30pm Al Maktoum Challenge Round-1 Group One (PA) US$65,000 (Dirt) 1,600m
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9.25pm Al Maktoum Challenge Round-1 Group Two (TB) $350,000 (D) 1,600m
10pm Dubai Trophy Conditions (TB) $100,000 (T) 1,200m
10.35pm Handicap (TB) $135,000 (T) 1,600m
The National selections:
6.30pm AF Alwajel
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7.40pm First View
8.15pm Benbatl
8.50pm Zakouski
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10pm: Chasing Dreams
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