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National Bank of Dubai (NBD) today announced 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. Through its 100%-owned subsidiary NBD Investment Bank Limited (NBD – IB), it will provide a full range of wholesale banking products, including investment banking, asset management and private equity.
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.
Douglas Dowie, CEO, National Bank of Dubai, said:
"Investment Banking has become the fastest growing segment in financial services in the GCC. 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” NBD recently announced the appointment of Shahzad Shahbaz as the CEO of NBD - IB.
His Excellency Dr. Omar Bin Sulaiman, Governor of the Dubai International Financial Centre, says NBD’s expansion plans are an encouraging sign for growth in the domestic financial services sector which is major part of our mission at the DIFC.
“The DIFC was created not only to introduce expertise and capital to the region but also to foster regional economic growth. 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 said.
Mr Dowie added that NBD - IB will provide new products and solutions to its existing customers and grow NBD’s revenue streams.
“Our goal is to create a premier investment banking business in the region within the next three to five years”, he said.
