National Bank of Abu Dhabi closes branches in Egypt

Abu Dhabi: National Bank of Abu Dhabi announced Tuesday that it has closed its branches in Egypt in line with the Central Bank of Egypt instructions.

The bank said that it is committed to its people and customers and is monitoring the position on a daily basis. It added that it will look forward to continue serving its customers in Egypt as soon as banks reopen.

NBAD has been operating in Egypt since 1975. The bank has 28 branches serving 69,000 customers, and employs 650 staff in Egypt.

NBAD-Egypt accounted for 7 per cent of the group’s assets, 3 per cent of loans and 4 per cent of net income in the year ended 31 December 2010. The Bank also has cross border exposure on Egyptian entities of some $400 million (Dh1.47 billion).