National Bank of Abu Dhabi (NBAD), has announced that it has established its 27th branch in Egypt, in line with its target to extend its outlets to 50 by fiscal 2013.

The sources informed that the branch located in Senzo Mall in Hurghada, Red Sea, is part of NBAD's extensive network throughout the African nation covering the whole country in addition to 43 on-and off-site ATMs.

The UAE's second largest bank by assets has been functioning in Egypt since 1975.

The sources said that last week, the NBAD was ranked among the World's 50 safest banks in 2009 by Global Finance.  The Abu Dhabi-based bank's target market in Egypt is large corporates and  it serves as the banker of choice for most UAE companies having a presence in Egypt.

As per reports in media, the bank is committed to assist the government in Egypt and has therefore established an SME's unit in order to offer financing & services for this market segment.