National Bank of Abu Dhabi Opens Subsidiary in Malaysia

KUALA LUMPUR, July 4 (Bernama) -- The National Bank of Abu Dhabi has opened its wholly-owned subsidiary, National Bank of Abu Dhabi Malaysia Bhd, here, marking its expansion to a total of 14 countries. The bank said Southeast Asia was one of the world's fastest-growing regions with a strong commercial link to the United Arab Emirates and the six-nation Gulf Cooperation Council (GCC). "Malaysia represents a strategic importance as a regional hub. The move demonstrates our confidence in the local market and in our ability to provide excellent products and services in the region," says Qamber Ali Al Mulla, the bank's Senior General Manager (International Banking Division) in a statement. The UAE was Malaysia’s biggest trading partner in the GCC last year with RM21.06 billion (US$6.68 billion) trade flows while bilateral trade with the GCC stood at RM43.76 Billion (US$13.89 billion). Malaysia is also one of the largest economies in 10-nation Asean. Leong See Meng, the bank's Chief Executive Officer in Malaysia, said the bank was strategically positioned to bridge Arab business interest with Malaysia and promote bilateral trade and investments as it has a firm foothold in the UAE, complemented by a strong presence in the GCC, Middle East and North Africa (MENA) region. The National Bank of Abu Dhabi Malaysia is a licensed conventional commercial bank which offers a full suite of wholesale banking solutions to serve the requirements of Malaysian conglomerates, multinationals, manufacturers and exporters. -- BERNAMA