Annual Report - Emirates NBD

Emirates NBD’s Vision:
To be globally recognised as the leading
and most dynamic financial services
provider based in the Middle East
H.H.
Sheikh Khalifa Bin Zayed Al Nahyan
H.H.
Sheikh Mohammed Bin Rashid Al Maktoum
President of the United Arab Emirates
Vice President and Prime Minister
of the United Arab Emirates and Ruler of Dubai
H.H.
Sheikh Hamdan Bin Mohammed
Bin Rashid Al Maktoum
H.H.
Sheikh Hamdan Bin Rashid Al Maktoum
Deputy Ruler of Dubai
H.H.
Sheikh Maktoum Bin Mohammed
Bin Rashid Al Maktoum
Crown Prince of Dubai
Minister of Finance
Deputy Ruler of Dubai
Emirates NBD merger was honoured as the “Deal of the Year”
in the UAE and the Middle East by The Banker Magazine.
Contents
Chairman’s Message
6
CEO’s Message
8
Synergising to Excel
10
Integration Milestones
20
My Bank, Our Values
22
2009 Strategy
23
Review of Performance
24
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Group Risk Management
33
The Board and its Committees
37
Beyond Banking
38
Board of Directors
39
Executive Management
41
Financial Highlights
43
Branches and Contacts
49
Other Subsidiaries and Associate Contacts
51
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Emirates NBD
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6
Chairman’s Message
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to play a leading role in the economic development
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relentlessly to overcome the challenges that this
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Emirates NBD
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8
CEO’s Message
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^ihZ[[dgihdc^ciZ\gVi^c\i]ZildaZ\VXnWVc`hVcY
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egdXZhh#
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recognised as the leading and most dynamic financial
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higdc\VcYYncVb^XCVi^dcVaZXdcdbnVcYi]Zl^hZ
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hZXidgh#
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^cVhigdc\edh^i^dcVcYl^i]gdWjhig^h`bVcV\ZbZci
^c^i^Vi^kZh^ceaVXZidbdc^idgVcYbZVhjgZXgZY^i!
bVg`ZiVcYdeZgVi^dcVag^h`#
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™I]Z^ciZ\gVi^dcd[djgBdW^aZVcYDca^cZ7Vc`^c\
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™8dbeaZi^dcd[:b^gViZhC79XjaijgZldg`h]deh!
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creation program in the financial services sector
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7Vc`VcYCVi^dcVa7Vc`d[9jWV^WgVcX]Zh!i]Z
XdbeaZi^dcd[i]Z^ciZ\gVi^dcd[Wdi]aZ\VXnWVc`h
^ciddcZZci^inVcYi]Z[jaagZ"WgVcY^c\VXgdhhVaa
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XjhidbZgh#
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@^c\Ydbd[HVjY^6gVW^V!FViVg!i]ZJc^iZY@^c\Ydb
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Emirates NBD’s ability to deliver the strong
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Reaching new heights together
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h^\c^ÄXVciWZcZÄihiddjgXjhidbZgh#L^i]cZVgan
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10
Values to be treasured
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WVc`^c\#Djghigdc\kVajZh·XjhidbZg[dXjh!
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12
Uniting to strive for excellence
:b^gViZhC796ccjVaGZedgi'%%-
7njc^i^c\ildd[i]ZJ6:¼hbdhiegdb^cZciWVc`h!
:b^gViZhC79!VCVi^dcVaWVc`^c\X]Vbe^dclVhXgZViZY#
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:b^gViZhC79^hVii]Z[dgZ[gdcid[i]ZWVc`^c\^cYjhign
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14
Aiming for the highest standards
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VgiiZX]cdad\nVcYegVXi^XZh#Djg]^\]anhde]^hi^XViZY
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d[ZmXZaaZcXZ#
16
Power for performance
:b^gViZhC796ccjVaGZedgi'%%-
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add`[dglVgYid[jZa^c\[jgi]ZgVYkVcXZbZcih^ci]Z
adXVa!gZ\^dcVaVcY\adWVaWVc`^c\VgZcV#
18
Emirates NBD’s values:
Customer Focus
Service Excellence
Innovation
Integrity
Passion for Performance
Teamwork
:b^gViZhC796ccjVaGZedgi'%%-
20
Integration Milestones
16 March 2008
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XjhidbZghd[Wdi]WVc`h!V\gZVihjXXZhh
23 March 2008
:b^gViZhC79¼h^cVj\jgVa6ccjVa<ZcZgVaBZZi^c\
iV`ZheaVXZ#
7 April 2008
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]ZaY[dg:b^gViZhC79ZbeadnZZh#
29 April 2008
I]ZhjXXZhh[ja^ciZ\gVi^dcd[.'hbVgiYZedh^i
bVX]^cZh^hXdbeaZiZY#
9 July 2008
I]ZÄghiZbeadnZZhbdkZid:b^gViZhC79¼hcZl>I
VcYDeZgVi^dchEgdXZhh^c\8ZcigZVi6a7Vgh]V#
10 July 2008
:b^gViZhC79¼hAVg\Z8dgedgViZJc^iA8J^h
^cVj\jgViZY#
14 July 2008
)-*6jidbViZYIZaaZgBVX]^cZh6IBhVgZ^ciZ\gViZY!
XgZVi^c\i]ZaVg\ZhicZildg`^ci]ZJ6:#
18 August 2008
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adXVi^dcVcYWZ\^chldg`^c\VhVh^c\aZ;MigVY^c\
Zci^in#
27 August 2008
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XjaijgZldg`h]deh^hXdbeaZiZY·&%,ldg`h]dehVcY
*!%%%ZbeadnZZh#
7 September 2008
:b^gViZhC79aVjcX]Zhi]Z»8adhZgI]VcNdjI]^c`¼6IB
XVbeV^\c#
8 October 2008
:b^gViZhC79aVjcX]Zhi]Z»GZVX]^c\CZl=Z^\]ih
Id\Zi]Zg¼bZg\ZgXVbeV^\c#
11 October 2008
:b^gViZhC79¼hbdW^aZVcYdca^cZWVc`^c\hZgk^XZhVgZ
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eVnbZcieVgicZghidVaaXjhidbZgh#
17 December 2008
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15 July 2008
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Emirates NBD’s Mission Statement:
Emirates NBD provides innovative financial products and services to fulfill
the financial goals of our customers throughout the world.
We win and keep stakeholder trust by:
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™ D[[Zg^c\VcZmX^i^c\eaVXZidldg`i]ViZcXdjgV\ZhXVgZZgYZkZadebZci
and rewards superior performance
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the region
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:b^gViZhC796ccjVaGZedgi'%%-
22
My Bank, Our Values
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vision, clear mission, and inspiring ambition to be a
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2009 Strategy
Emirates NBD’s vision is ‘to be globally recognised
as the leading and most dynamic financial services
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economic environment and recognising the global
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Strategic imperatives for 2009
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improve the overall cost position significantly, driving
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24
Review of Performance
Financial Overview
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Review of Performance
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Business Review
Wholesale Banking
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Million Tree’ campaign by planting trees in schools
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National General Insurance
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Group Risk Management
Risk Management
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approved by the Board, sanctioning credit approvals
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monitoring their implementation and compliance is
Key initiatives and achievements during 2008:
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34
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Group Retail Credit (GRC)
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The key achievements in 2008 to date were:
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migrated to the loan management system in the
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Group Compliance
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Payment Screening System
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edgi[da^dh#
™6Xi^kZ^ckdakZbZci^chigViZ\^XaVjcX]Zhd[kVg^djh
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Group Risk Management
Automated AML System
I]Z^beaZbZciVi^dcd[VcVjidbViZY6BAbdc^idg^c\
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^ihgZ\jaVidgndWa^\Vi^dchl^i]gZheZXiidgZedgi^c\
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The key achievements in 2008 were:
™7j^aY^c\Vc^ciZ\gViZY<gdje8dbea^VcXZ[jcXi^dc
[daadl^c\i]ZbZg\Zg#
™>c^i^Vi^dcd[`Zn8dbea^VcXZhnhiZbhidegdiZXii]Z
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™>hhjZd[`Zn:b^gViZhC79eda^X^ZhZ#\#=^\]G^h`
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36
The Board and its Committees
Board of Directors
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Board Audit Committee
Name
Position
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internal financial reporting control systems and the
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Board Credit and Investment Committee
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Position
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Board Risk Committee
Name
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Name
Position
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Executive Committee Team
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38
Beyond Banking
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actively involved in leading initiatives, both internally
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Board of Directors
H.E. Ahmed Humaid Al Tayer
Chairman
H.E. Easa Saleh Al Gurg
Fardan Bin Ali Al Fardan
H.E Abdulla Ahmed Lootah
Board Member
Board Member
Board Member
H.E. Abdulla Sultan Mohamed
Al Owais
Omar Abdullah Al Futtaim
Butti Obaid Butti Al Mulla
Board Member
Board Member
Board Member
:b^gViZhC796ccjVaGZedgi'%%-
Abdullah Mohamed Saleh
Vice Chairman
Khalid Jassim Kalban
Hamad Mubarak Buamim
Board Member
Board Member
Hussain Hassan
Mirza Al Sayegh
Board Member
R. Douglas Dowie
Board Member
40
:mZXji^kZBVcV\ZbZci
Rick Pudner
Abdul Wahed Al Fahim
Abdulla Qassem
8]^Z[:mZXji^kZD[ÄXZg
Emirates NBD
General Manager
Wholesale Banking
General Manager IT,
Operations and Administration
John Eldredge
Suvo Sarkar
Kevin Flannery
General Manager
Global Markets and Treasury
General Manager
Retail Banking
General Manager International
Jan Hendrik Kraus
General Manager
Integration and
Head of Group Strategy
:b^gViZhC796ccjVaGZedgi'%%-
42
Husam Al Sayed
Jamal Bin Ghalaita
Sulaiman Al Mazroui
General Manager
Human Resources
General Manager
Consumer Banking
and Wealth Management
General Manager
Marketing and
Corporate Communications
Sanjay Uppal
Joachim Block
Saeed Yousuf
Group Chief Financial Officer
Group Chief Risk Officer
Company Secretary
and General Manager
Corporate Services
Financial Highlights
9Za^kZgZYhigdc\egdÄi\gdli]^cgZXZcinZVgh"6:9
Revenues, AED billion
Net Profits, AED billion
Source: Financial Statements, Aggregation of Emirates Bank International and NBD results
™The comparative results for 2007 were prepared on a pro forma basis, which assumed that the merger occurred on 1 January 2007
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'NZVg'%%,'%%-ZmXajYZhVbdgi^hVi^dcd[^ciVc\^WaZh
:b^gViZhC796ccjVaGZedgi'%%-
Costs, AED billion
Sources of Operating Income
44
Financial Highlights
7VaVcXZH]ZZi\gdli]^cgZXZcinZVgh"6:9
Assets, AED billion
Deposits, AED billion
™:fj^in[dg'%%,VcY'%%-^hIVc\^WaZH]VgZ]daYZg¼h:fj^inl]^X]ZmXajYZh<ddYl^aaVcY^ciVc\^WaZh
Source: Financial Statements, Aggregation of Emirates Bank International and NBD results
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Loans, AED billion
Equity, AED billion*
46
Financial Highlights
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Return on Equity (Profit AED million)
Capitalisation (Capital AED billion)
Source: Financial Statements, Aggregation of Emirates Bank International and NBD results
™The comparative results for 2007 were prepared on a pro forma basis, which assumed that the merger occurred on 1 January 2007
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:b^gViZhC796ccjVaGZedgi'%%-
:b^gViZhC79"6:9
Balance Sheet Analysis: 2008
Total Assets: 282.4 AED billion
Balance Sheet Analysis: 2008
Total Liabilities and Equity: 282.4 AED billion
48
Emirates NBD Branches and Contacts
EMIRATES NBD
Group Head Office
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Priority Banking Locations
Abu Dhabi
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Khalidiya
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Najdah
Al Ain
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Mizhar Mall
Pay Offices
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Channels Branches in the UAE
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meBANK Representative Locations
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Karama
Private Bank Locations
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Emirates NBD OVERSEAS OFFICES
KINGDOM OF SAUDI ARABIA
Emirates Bank International PJSC
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Mohamed Al-Hegelan,<ZcZgVaBVcV\Zg
Emirates Investment Services KSA LLC
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Ahmed El Edwy,8]^Z[:mZXji^kZD[ÄXZg
IRAN
Emirates Bank International PJSC and
National Bank of Dubai PJSC
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Noori Mojdehi,8]^Z[GZegZhZciVi^kZ
QATAR
National Bank of Dubai PJSC
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Andre Gilles,8djcignBVcV\Zg
INDIA
Emirates Bank International PJSC
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Sunil Gulati,8]^Z[GZegZhZciVi^kZ
SINGAPORE
Emirates Bank International PJSC
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Dr#Brian Shegar!8]^Z[GZegZhZciVi^kZ
UNITED KINGDOM
Emirates Bank International PJSC
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National Bank of Dubai PJSC
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Duncan Steele-Bodger,8djcignBVcV\Zg
CHANNEL ISLANDS
National Bank of Dubai PJSC
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Emirates Fund Managers (Jersey) Limited
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(Jersey) Limited
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50
Other Subsidiaries and Associate Contacts
EMIRATES ISLAMIC BANK PJSC
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Ebrahim Fayez Al Shamsi, 8]^Z[:mZXji^kZ
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Branches in the UAE
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Corporate Banking Units in the UAE
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Ramkumar Chari,8]^Z[:mZXji^kZD[ÄXZg
DINERS CLUB INTERNATIONAL (UAE) LLC
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NATIONAL GENERAL INSURANCE
COMPANY PJSC
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Dr. Abdul Zahra Abdullah Ali,
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UNION PROPERTIES PJSC
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Emirates International Securities L.L.C.,
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BUZZ CONTACT CENTRE SOLUTION LLC
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EMIRATES MONEY CONSUMER FINANCE LLC
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Vikas Thapar,<ZcZgVaBVcV\Zg
NBD PROPERTIES LLC
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Ali Rashed Sultan Rashed Al Kaitoob,
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AL WATANI AL ISLAMI LLC
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Khalid Al Dowais,
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Emirates NBD Capital LTD.
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Suresh Kumar,8]^Z[:mZXji^kZD[ÄXZg
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Hamood Al Yasi, <ZcZgVaBVcV\Zg
Emirates Financial Services PSC
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Suresh Kumar, 8]^Z[:mZXji^kZD[ÄXZg
EMIRATES INVESTMENT SERVICES – ASSET
MANAGEMENT
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Deon Vernooy, HZc^dg:mZXji^kZD[ÄXZg
E.T.F.S LLC
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Graham Clarke,<ZcZgVaBVcV\Zg
52
25974-Emirates NBD Ann Rep 2008.indd 56
3/25/09 10:11:56 AM