NBAD’s Swiss unit manages Dh7.74b

NBAD Private Bank (Suisse) SA, the wholly owned subsidiary of the National Bank of Abu Dhabi PJSC’s assets under management have grown to Dh7.74 billion.

The financial institution which was launched in 2007 achieved a breakeven in early 2010 in line with the business plan.

In 2011 profits were in excess of Dh11.6 million, and have further accelerated growth in 2012. Balance sheet growing to Dh4.6 billion while Assets Under Management (AUM) growing to around Dh7.74 billion.

Despite the financial crisis commencing only a few months after the launch of NBAD Suisse, it has built up its private banking business, taking a conservative approach on client acceptance by applying stringent compliance standards.

NBAD Suisse is a fully licensed Swiss Bank providing quality wealth management services to international HNWI. In addition to offering a wide range of investment advice and services, we built a niche expertise in the fixed income instruments of the GCC market. The Bank is working on expanding further this product offering.

NBAD Suisse has quickly established itself as one of the important actors in the Geneva trade finance area, and the second half of 2012 will see NBAD Suisse further expand the commodity trade finance offering. During the same period, the National Bank of Abu Dhabi Group has also experienced strong growth.

NBAD was the first UAE bank to achieve net profits of over $1 billion in 2010, and maintained its strong credit ratings through the financial crisis.

Khaled Suleiman chief executive of NBAD Suisse, said: “The strong stable growth was built on our steady approach of building up the Bank step-by-step.”?