With the aim of increasing its presence in the United Arab Emirates, BBVA has signed a Memorandum of Understanding with NBAD (National Bank of Abu Dhabi) to boost the commercial and wholesale banking businesses for clients that are already present or are interested in having a presence in the region.
The purpose of this non-exclusive agreement is to offer BBVA clients the transactional banking and trade finance services of one of the leading banks in the region under competitive terms. In addition, our clients will benefit from the excellent relationship and knowledge existing between both banks, which will lead to greater flexibility in managing the different documents and records. The agreement will work in both directions, with NBAD redirecting to BBVA its clients interested in our core geographical regions, specifically Spain, Argentina, Chile, Colombia, Mexico, Paraguay, Peru and Venezuela. Likewise, with this agreement BBVA seeks to lay the foundations for carrying out new businesses with the various NBAD areas globally (Emirates, Europe, the U.S. and Asia).
The agreement with NBAD will significantly strengthen BBVA's presence in the Middle East, a position BBVA hopes to reinforce with the signing of specific agreements with leading banks in other countries in the region.