NBAD diversifies into Egypt

DUBAI // The National Bank of Abu Dhabi (NBAD) said today its financial brokerage arm agreed to acquire a controlling stake in Egypt's Al Salam Brokerage Co to diversify its revenue sources. The bank did not give a figure in a statement for the stake Abu Dhabi Financial Services Co (ADFS) will buy in the brokerage firm, giving no further details. "(The agreement) ... aims to diversify NBAD's products and expanding the customer base," the ADFS General Manager Khaled Abdel Rahman Khaled said in the statement. *Reuters