NBAD plans finance unit in Geneva

Dubai: The board of NBAD Private Bank (Suisse), the private banking arm and wholly-owned subsidiary of the National Bank of Abu Dhabi (NBAD), has agreed to set to set up trade finance services in Geneva which will be operational from April 2008.

NBAD Private Bank (Suisse) also agreed to establish an advisory desk in Geneva.

The third Board meeting of NBAD Private Bank was attended by all the Swiss board members along with Qamber Al Mulla, senior general manager, international banking and Michael H. Tomalin, NBAD's chief executive, serving as chairman of the Swiss unit.

NBAD Private Bank was launched in June 2007 to offer full private banking services aided by local private teams in UAE and other locations. It offers high-net-worth individuals private banking and wealth management services.