NBD To Extend Investment Banking Across GCC Region

by Lorys Charalambous, Tax-News.com, Cyprus

08 November 2006

National Bank of Dubai (NBD) has announced that it will expand its investment banking business in the Middle East, after receiving approval to operate as an authorised firm from the Dubai International Financial Centre (DIFC).

NBD will provide a full range of wholesale banking products, including investment banking, asset management and private equity, through its wholly-owned subsidiary Investment Bank Limited (NBD – IB).

In the initial phase, NBD - IB will focus on the Gulf Region. During its second phase of growth, operations will be expanded to include the greater Middle East, Turkey, India and China. NBD - IB plans to hire around 50 bankers in its first year of operation out of the DIFC.

"Investment Banking has become the fastest growing segment in financial services in the GCC," observed Douglas Dowie, CEO of National Bank of Dubai.

"This is driven by the growth in the region, development of local capital markets, large scale projects being undertaken by both the private and public sectors and increased flow of cross border transactions. Our goal is to create a premier investment banking business in the region within the next three to five years," he added.

Dr. Omar Bin Sulaiman, Governor of the DIFC, said that NBD’s expansion plans are also an encouraging sign for growth in the domestic financial services sector.

“The DIFC was created not only to introduce expertise and capital to the region but also to foster regional economic growth," he noted.

"NBD has become a leader in the GCC financial services sector by deciding to compete with some of the world’s largest financial institutions," he added.

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