Business | Banking
NBAD plans to double spending on IT this year
The National Bank of Abu Dhabi (NBAD), the largest bank in the emirate in terms of assets, announced yesterday that it plans to double its spending on its information technology (IT) infrastructure in 2008.
- By Ahmed A. Elewa, Senior Reporter
- Published: 00:36 May 7, 2008
Abu Dhabi: The National Bank of Abu Dhabi (NBAD), the largest bank in the emirate in terms of assets, announced yesterday that it plans to double its spending on its information technology (IT) infrastructure in 2008.
The bank, which has more than 100 branches spread across the UAE, have signed a contract with Fujitsu Siemens to provide it with a new solution to manage its core banking software, increasing speed of response and efficiency, a statement said.
"So far we have invested about $18 million in our IT infrastructure since the beginning of the year, and by year-end we will exceed $100 million of spending compared to $54 million last year," said Srood Sherif, chief information officer (CIO).
"NBAD is operating in a challenging and growing global financial environment in which technology plays a critical role in addressing the bank's core challenges, while facilitating growth and ensuring compliance with local and international regulations. The project is aimed at enabling NBAD to increase its core banking load and delivering a consistently robust level of service," he said.
Fujitsu Siemens Computers upgraded NBAD's current core banking platform to deliver a state-of-the-art Solaris platform and Intel infrastructure for several other key projects.
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