The National Bank of Dubai (NBD) announced its plan to establish a representative office in the Islamic Republic of Iran, confirming the official approval from the Central Bank of Iran. The move “follows recent political and economic developments in Iran, which have accelerated the process of opening up the market to foreign participation,” stated a bank press release.
“We took a strategic decision to establish a representative office in Iran in order to participate more fully in recent economic growth and development and to provide local support to our large number of customers who maintain business interests in Iran,” commented NBD General Manager Douglas Dowie.
NBD intends to use its Tehran base to develop and respond to growing opportunities in the project and trade finance sectors and institutional financing.
The National Bank of Dubai operates as a public joint stock company. Founded in 1963, NBD is the oldest locally incorporated bank in the southern Gulf. From its new Dubai headquarters it operates 26 branches and pay offices in the United Arab Emirates (UAE) and two retail branches in London.
The bank posted an $84.5 million net profit in the first nine months of the year 2001, rising 21 percent of the corresponding period the previous year. NBD’s assets totaled 8.5 billion and customer deposits stood at $6.7 billion. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
