The combined strength of two leaders has made Emirates NBD not only a regional but a global leader despite the global slowdown witnessed all across the globe. The bank has not only survived but thrived during these times and the reason has been its mareting skills as well as the grand scale it operates on
Blaze to Brilliance
The bank that came into existence just six years ago was born for leadership. The bank is the result of the coming together of the two largest financial forces in the Gulf region. The bank’s history is thus really a history of these two giants that have now consolidated their power to bring about an institution with unmatched investment capabilities and services. The Emirates Bank international which was the second largest bank in the region joined hands with national bank of Dubai which formerly held the position of the fourth largest bank to create Emirates NDB in October 2007. With the largest asset base and the combined strengths of two of the largest networks in the Gulf region the Emirates NDB has proven to be a leader with a lion’s share of the market. The bank has the largest retail franchise with over 141 branches .This merger has provided the bank with the ability to utilise the economies of scale that are not available to any other player in the market. It is one thing to be the largest player in the market but, the combination of two of the largest players with a combined asset base of AED 281 Billion, changes the market conditions entirely.
The combination of these two banks also brings together two of the largest consumer bases in the Emirates. Though, the brand itself is new it can count on the consumer trust developed over the years by both the banks. The financial stability as well as flexibility that the merger has brought about also goes a long way in gaining the confidence of the consumer. The Government of Dubai that was a major stake holder in both the companies is also a part of this project and the bank thus has its blessing and backing as well. The bank has set for itself the aim of becoming a regional leader with international standards and it is well on its way towards doing so. The bank has a whopping 21.7 per cent market share in terms of loans and an equally impressive 18.4 per cent share of the entire market in terms of deposits. These figures are the largest that any company can boast of in the entire region. It is figures like these and the newness of the brand name combined with over fifty years of combined experience that makes Emirtes NBD a name to be reckoned with in the financial services sector. Engagement that enthralls
The bank provides its consumers with the entire range of banking services under the retail banking, corporate banking, Islamic banking and investment banking segments. The bank has a leadership position like none other in the corporate banking segment with a share of about a fifth of the entire market. In the asset management segment too the bank is a trail blazer with a total of eight and a half billion AED worth of assets under its kitty. It’s Islamic banking segment, operating through various agencies is also among the fastest growing in the region. The strength of the bank comes from the compatibility of the two banking giants that have come together in its synthesis. Mergers are a common phenomenon but it is the scale of the business operations of the banks in question as well as their interests in similar segments that makes this brand of banking a class apart from the rest. It is a testimony to the excellence achieved by the bank that it has been awarded with five prestigious recognitions in just 2013. These include the “Best Bank in UAE by Euromoney” , “eBanking 2013 Excellence Award for best mobile banking application” and “Best SME Internet Banking Service” among others.
The bank keeps itself constantly updated in terms of technology for it understands what a huge role technology plays in terms of providing an edge to any business. This need to stay ahead in the technology game is reflected in the awards it has won over the years. Since internet banking is the banking of the future the bank has made sure that it has the best and the most secure internet banking services in the region. The bank has made innovation one of the pillars it wishes to base its leadership on. It has introduced schemes like the DNATA and Skywards credit cards that make travel experiences for its consumers a delight instead of a hassle. Digital marketing, and investment in research and development have been some of the other steps it has taken to keep ahead of the crowd.
With growth rates touching new heights this new bank which has its roots firmly set in the soil of experience is all set to become not only a regional but an international leader in the days to come. The bank has also invested in Brand activation strategies like the Aquarium in the Dubai Mall that has become one of the central tourist attractions in Dubai. The bank is well on its way to leadership due to its innovative strategies and the sheer size that provides unique growth opportunities to them.