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National Bank of Abu Dhabi Sets Up Wealth Management Operation in Geneva

Stephen Harris

15 May 2007

The National Bank of Abu Dhabi is to establish an independent wholly-owned subsidiary in Geneva under the name NBAD Private Bank (Suisse), with operations starting from 21 May 2007, the licence having been granted by the Swiss Federal Banking Commission on 10 May. The bank becomes the first UAE bank to have been granted a full Swiss banking licence. "Private banking is a relatively untapped area for Arab banks. The vast majority of private banking business is with the private banking divisions of the major international and Swiss banks. We want to start to change that. NBAD plans to build a wealth management business with its centre of gravity in Switzerland," Michael Tomalin, NBAD's group chief executive told Gulf News. The bank will have an initial capital of SFr100 million.