Business | Banking
NBAD receives approval to open representative office in Libya
National Bank of Abu Dhabi (NBAD), the UAE's biggest lender, on Tuesday said it has received the approval of the Central Bank of Libya to open a representative office there.
- Staff Report
- Published: 21:19 May 27, 2008
Dubai: National Bank of Abu Dhabi (NBAD), the UAE's biggest lender, on Tuesday said it has received the approval of the Central Bank of Libya to open a representative office there.
"The development comes in line with the bank's strategy to expand regionally and internationally, especially in North Africa as the region offers attractive opportunities for banking industry," said Qamber Ali Al Mulla, senior general manager of National Bank of Abu Dhabi's international banking division.
Strategic initiative
"NBAD will open the representative office in the last quarter of 2008 and this is just the beginning of our strategic initiative for North Africa where we intend to expand in the near future," he said.
"The main objective of the representative office is to provide advisory services, boost trade between UAE and Libyan companies, and facilitate business dealings between the two countries," Al Mulla said.
"Furthermore, as the NBAD overseas network covers nine countries that have large volumes of trade with Libya, the representative office will also facilitate business dealings and feed business to our branches in these countries by way of cross-selling," he added.
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