The National Bank of Abu Dhabi (NBAD), the largest lender bank in Abu Dhabi and the second largest in the United Arab Emirates, announced that it seeks to expand its wealth management business with Asia and Africa as its target markets. NBAD has been focusing on growing its wealth management business in order to offset better competition levels in traditional banking product lines. The bank plans to establish eight banking hubs in major cities from West Africa to China. NBAD's global wealth unit posted an increase in profit and revenue by 61% and 89% year-on-year, respectively, in 2014. It seeks to expand its product offerings in areas that used to be dominated by international lenders. Aside from wealth management, NBAD's businesses also include private banking, Islamic banking, brokerage, property management and leasing.
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