National Bank of Abu Dhabi (NBAD) is reportedly targeting Africa and Asia to expand its wealth management business in order to maintain strong growth.
The decision comes as the bank aims to offset competition in traditional banking product lines in the UAE and diversify its product offering into areas previously dominated by international lenders, reported Reuters.
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According to the news bulletin, NBAD’s wealth management strategy aligns with the bank’s larger aim to expand through eight banking hubs it seeks to set up in major cities from West Africa to China.
The bank is planning to open its first office in Mumbai, India, in July this year.
NBAD global banking chief investment officer Gary Dugan told Reuters: "We have a love affair with India.
"In terms of our asset allocation, for developed markets we are tactically positive and overweight on Europe and Japan on a hedged basis, and in emerging markets, India is our big bet."
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By GlobalDataAccording to Dugan, China will not be on the bank’s radar because of its huge debt, the defaulting on bonds by banks and other warning signs.
Dugan added: "China has to do something big, a massive fiscal boost that could add vibrancy to Asia."
