Lebanon Businessnews News

National Bank of Abu Dhabi local branch becomes representative office
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The Central Bank (BDL) has removed the name of National Bank of Abu Dhabi (NBAD) from the official list of banks operating in the market.

“As a clarification of BDL’s announcement, NBAD did not shut down its operations locally, but rather will be operational as a representative office instead of a branch,” said Ziad El-Rayes, Chief Representative Officer of NBAD-Lebanon.

“Due to a change in the bank’s global strategy, the bank reevaluated its international presence before starting its operations as a branch locally,” said El-Rayes. “Since the bank keeps its commitment to Lebanon, it has conceived that the appropriate presence would be as a representative office,” he said.

The UAE-based bank obtained its license to open a branch locally in early 2013. It had selected Lebanon then to be its regional office in the Levant. “The representative office started its operations since the beginning of this year,” said El-Rayes. “The BDL announcement came late due to legal measures related to the liquidation process,” he said.

NBAD’s branch operations included retail and commercial services, private banking, as well as trade finance and treasury services.

“The representative office will establish public relations with local banks and financial institutions,” said El-Rayes. “It will represent the different business lines of the bank and refer clients to its headquarters in the UAE and other booking offices,” he said.

NBAD’s representative office is located in the Beirut Central District. The removal of the bank, which was number 140 on the official list of banks, was announced in the November 26 issue of the Official Gazette.
Reported by Leila Rahbani
Date Posted: Dec 01, 2015
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