National Bank of Abu Dhabi starts operations in Jordan

NBADNational Bank of Abu Dhabi (NBAD) inaugurated its operations in Jordan on Tuesday and became the 25th financial institution having their operations in the country. By 2014, NBAD shall have 6 branches operating in the country.

Michael Tomalin, Chief Executive NBAD, said, "The bank will work to expand its network in Jordan and shall be a significant contributor to the country's economic growth."

Imad Marar, NBAD's Regional Manager in Jordan clarified that its bank shall ensure strict lending terms and it shall selectively make available the credits to the individuals as well as TO the companies.

He further added that the interest rates by NBAD shall be based on the Central Bank of Jordan's decision of lowering the key lending rate by 50 basis points. This indicates that the bank shall participate in financing the mega projects of the Government through bank consortiums.

According to Tomalin, the bank made profits of more than $816 million last year and ensured sound asset quality, in face of the global financial crisis. He also mentioned that Global Finance clubbed their bank amongst the 50 safest banks.

He expects this year to be a reasonable year, particularly in the later half, as signs of recovery are visible in the Middle East and North Africa.