National Bank of Abu Dhabi (NBAD) is reportedly seeking to boost its money management business overseas to tap growth in emerging markets.
The UAE-based bank’s CEO Alex Thursby told Bloomberg that it is planning to set up hubs in nine global cities extending from West Africa to China.
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The bank’s assets under management surged 51% this year to AED11.3bn, nearly half of which came from institutions and wealthy individuals.
Thursby said: "Funds management is a really important ingredient to our future and non-funded revenue. I believe we can expand that again in the west-east corridor, not in every country, but by choosing markets."
Thursby added that the bank will reduce its dependence on lending, while building on fees from areas such as share and bond sales as well as managing wealth.
In addition, NBAD may also expand its funds management business into markets that are similar or more emerging in style.
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By GlobalDataThe bank has also unveiled plan to open a branch in Mumbai by the end of June year and also plan to set up a hub in Nigeria as well as is increasing investment in Hong Kong and Malaysia.
NBAD said that its operating profit from global wealth increased 86% for the nine months to September 2014.
