National Bank of Abu Dhabi on Monday launched commercial banking operations in Malaysia, and will also debut in Shanghai this week as part of its expansion in Asia.
The UAE lender was a latecomer in Asia with its first branch launched in Hong Kong just three years ago, its senior general manager for international banking Qamhar Ali Al Mulla said.
He said the bank will launch an office in Shanghai, its first to tap China’s mass market, tomorrow and is eyeing acquiring a bank in Indonesia.
“We have ambitious plans for Asia. Asia is a priority for us,” he said. “Indonesia is a key market and we are looking at acquiring a bank.
“If there is an opportunity, we will grab it.” NBAD says it is the most profitable bank in the UAE, with a presence in 14 countries across the world.
Al Mulla said the bank aims to expand its presence to about 41 countries in the next decade. International banking now contributes about 16 per cent to the bank’s profit, but is expected to rise up to 30 per cent by 2022.
The bank has said it wants to establish up to 50 branches in Malaysia over the next decade.
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