Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

UAE- NBAD lays off 100 employees  Join our daily free Newsletter

MENAFN - Khaleej Times - 05/12/2013
No. of Ratings : 0
Add to Mixx!


(MENAFN - Khaleej Times) Junior to mid-cadre executives are amongst the majority of those who have lost jobs as the UAE's second biggest bank by assets has embarked on a new strategy to build on its existing strengths in order to be recognised as the world's best Arab Bank. NBAD employs nearly 6,500 people in the 18 countries.

"As a result, we are expanding some areas within the bank while reducing others and eliminating duplication of roles," a spokesman for the Abu Dhabi-based lender told Khaleej Times.

"The re-organisation of our resources, which has already begun, will be substantially completed over the next 12-18 months," he said. "We will make every effort to re-assign talented individuals to other roles within the bank."

The new chief executive officer Alex Thursby, who joined the bank in July this year, has introduced a new, more simplified organisational structure by merging its six segments into three departments: Global Wholesale Banking, Retail & Commercial, and Global Wealth. One the world's 50 most safest banks, NBAD has devised its growth strategy around three geographical pillars led by its home market where it wants to build the largest, safes and best performing bank in the UAE and overtime in the GCC.


The lender plans to establish eight banking hubs in Abu Dhabi, Mumbai, Lagos, Singapore, Hong Kong, London, Paris, and Washington D.C., as part of its expansion drive.

The third pillar of growth would be the wholesale segment which will deepen its network across the West-East corridor and integrate the bank's European and North American platforms into this network. Building five international bank franchises in the largest and fastest growing economies in the West-East corridor, is also part of the strategy.

The corridor includes increasingly important economies in Mena, the Indian Subcontinent, Southeast Asia and greater China, as this region represents vast potentials with unlimited resources, growing economic activities, and an emerging middle class.

NBAD's Wholesale Banking has identified the five sectors that align to the bank's strategy as financial institutions, energy, aviation and transportation, real estate and family conglomerates, and retailers.

The bank runs the largest network of 125 branches and cash offices in the UAE, along with 587 ATMs and 12 business banking centres.

 


Khaleej Times




  MENA News Headlines
 Mar 24 2017 - Kuwait- Visit visa for one year old baby and transfer to dependentArab Times
(MENAFN - Arab Times) Me and my husband are working in Kuwait. My husband's salary is KD 250 and my salary is KD 300. Can we get visit visa for our 1-year-old baby and is it possible to transfer ...

 Mar 24 2017 - Kuwait stock indices record strong gainsArab Times
(MENAFN - Arab Times) The KSE Indices witnessed a positive week as indices increased this week. The KSE price index closed at 7,043.46 an increase of 3.42 percent up 232.75 points compared to the ...

 Mar 24 2017 - Kuwait- GCC top bankers endorse company for settling paymentsArab Times
(MENAFN - Arab Times) Governors of GCC monetary institutions and central banks. (KUNA) Governor of Bahrain Central Bank Rashid Al-Mearaj said on Thursday that governors of GCC monetary ...

 Mar 24 2017 - Kuwait- Rain expected in unstable weekend weatherArab Times
(MENAFN - Arab Times) Dust reduced visibility on Kuwait roads KUWAIT CITY, March 23: The Director of Kuwait Meteorological Department Emad Al- Sanousi said on Thursday that the country will ...

 Mar 24 2017 - Kuwait- Commerce minister blames Al-Saleh for not enforcing law to set up livestock firmArab Times
(MENAFN - Arab Times) KUWAIT CITY, March 23: Minister of Commerce and Industry, acting State Minister for Youth Affairs Khaled Al-Roudan blames his colleague, the Minister of Finance Anas ...

 Mar 24 2017 - Kuwait- MP takes up traffic issuesArab Times
(MENAFN - Arab Times) KUWAIT CITY, March 23: One of the main issues tormenting the nation is traffic congestion and MP Talal Al-Jallal in a parliamentary query to the Deputy Prime Minister and ...

 Mar 24 2017 - Kuwait- MPW planning to replace expatriate employees - Total 23,902 citizens registered under CSC for jobsArab Times
(MENAFN - Arab Times) KUWAIT CITY, March 23: Ministry of Public Works is planning to replace all its expatriate employees with Kuwaitis within the next five years before the year 2022, reports ...

 Mar 24 2017 - Kuwait- Health official supports plan for expats to buy medicinesArab Times
(MENAFN - Arab Times) KUWAIT CITY, March 23: Director of the Hawally Health sector, Dr Fahd Al-Foudari said he supports the proposal which calls on the expatriates to buy their medicines or at ...

 Mar 24 2017 - IC Potash announces appointment of two new board members and further funding from Cartesian CapitalMENAFN Press
(MENAFN Editorial) Disclosure NewswireTM iCrowdNewswire - Mar 24, 2017 TORONTO — IC Potash Corp.(TSX:ICP) (OTCQX:ICPTF) ('IC Potash or the 'Company) is pleased to announce that it has ...

 Mar 24 2017 - Kuwait- Jordanian girl perishes in fall from buildingArab Times
(MENAFN - Arab Times) KUWAIT CITY, March 23: A seven- year-old Jordanian girl died when she fell from the fourth floor of a building in Khaitan area. According to security sources, when the ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Search News
Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help