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Emirates NBD SWOT & PESTLE Analysis

ID : 52718653| Feb 2021| 15 pages

COMPANY PROFILE -Emirates NBD

Business Sector :Banking and Financial Services

Operating Geography :UAE, Middle East, Global

About Emirates NBD :

Emirates NBD formed on 19 June 1963 is currently the leading banking group in the MENAT region and one of the largest banking brands in UAE. Emirates NBD is an influential player in the UAE corporate segment and an important member of the global digital banking industry. Being listed on the Dubai Financial Market, Emirates NBD has a vital long-term impact on the UAE's economy. The company has a notable retail banking franchise that renders strong Islamic banking, investment banking, private banking, digital solutions, asset management, global markets & treasury, and brokerage operations. Besides its firm operations in the UAE and the kingdom of Saudi Arabia, Emirates NBD sought the opportunity of global expansion by setting up its operations in Egypt, India, Turkey, Singapore, the United Kingdom, Austria, Germany, Russia, and Bahrain, along with representative offices in China and Indonesia. The company aims at driving more business across international locations by facilitating expansion plans in KSA and India, continuing its strategic growth momentum in Egypt, and further developing competitive niches through its presence in London and Singapore. As of early 2021, Emirates NBD employs more than 25,000 people coming from more than 70 different nations, thus making it one of the largest and most culturally diversified employers in the UAE. As a leader in the banking sector of the UAE, Emirates NBD is a diplomat of economic and social progress for the entire UAE to the world.
For the year 2020, Emirates NBD focused mainly on the following business strategies VIZ., focus on innovative digital solutions to provide excellent customer experience, accelerate the core business model, stimulate global expansion, enhance the organization's efficiency and performance.
Emirates NBD on Feb 18th, 2020 published that it has been recognized for its pioneering efforts in providing value-added products and innovative digital services to SMEs and startups. Hence the company is regarded as the Best SME Bank of the Year - 2019’ at the prestigious International Finance Magazine (IFM) Awards. Furthermore, the bank has been ranked among the top 20 in the Forbes’ third annual list of the World’s Best Regarded Companies. It was also awarded ‘Best Digital Bank in the Middle East’, ‘Best Bank in the UAE’, and ‘Best Investment Bank in the UAE’ by Euromoney Awards for Excellence 2019. Besides, with a value of USD 4.13 billion, Emirates NBD was lately recognized as the UAE’s most valuable banking brand by the Banker’s annual brand valuation league table.Emirates NBD's USP or Unique Selling Proposition sprawls in being the UAE's most valuable banking brand, one of the largest banking groups in the Middle East in terms of assets, and one of the leading brands in banking and financial sector as of 2020.
Emirates NBD’s mission statement reads “Every day we make our customers’ lives simpler by providing solutions to help them fulfil their financial aspirations.” Emirates NBD’s vision statement is “To be globally recognized as the most valued financial service provider in the Middle East.”

Emirates NBD Revenue :


AED 22.4 billion – FY ended Dec 2019 (year-on-year growth of 29%)
AED 17.4 billion – FY ended Dec 2018

Competitive Analysis of Emirates NBD

SWOT
PESTLE

On March 6th, 2007, UAE's banking and financial service sector witnessed the merger of the National Bank of Dubai (NBD) with Emirates Bank International, the second and fourth-largest banks in the UAE respectively. This consolidation led to the formation of the current Emirates NBD, one of the largest banking groups in the Middle East in terms of assets. As of 31st March 2020, Emirates NBD's total assets value AED 692 Billion, equivalent to approx. 188 Billion US dollars. Thus, SWOT analysis helps to identify the most prominent strategic initiatives that strengthen the company and benchmark its competitive stance in a highly competitive environment. Further, the report also displays the low-hanging fruits that could be consolidated in order to attain a competitive advantage. The SWOT analysis manifests a discussion on all the pertinent factors specifically the strengths. weaknesses, opportunities, and threats that predominate Emirates NBD's internal and external environment respectively. Besides, The SWOT report also depicts the impact of all the micro and macro factors on Emirates NBD's business model, business tactics, growth, and marketing strategies.

Emirates NBD is a powerful and largest banking brand in the UAE with 967 branches and 4,323 ATMs / SDMs as of 2020, consequently presents the company with a competitive advantage over its adversaries. Furthermore, internal strategic factors like the diversified portfolio of banking services, innovative digital solutions for SME's and startups, a huge asset base in the Middle East, solid historical and financial foundations, number one ranking in the banking sector in the UAE, large social media following, recognized for corporate and social responsibility, etc. are few amongst many strengths of Emirates NBD.

Currently, Emirates NBD has a limited global presence compared to that of its competitors. Also, it is highly dependent only on the UAE market which implies limited market share for the brand. Thus, by seeking opportunities for global expansion, Emirates NBD could surmount its weakness. The recent acquisition of DenizBank serves the purpose and is a significant milestone for Emirates NBD with the Group extending its occupancy to 13 countries, sustaining over 14 million customers.

Highly competitive market, limited market share, phishing attacks, thefts, volatile costs, fluctuating currency rates, etc. are key threats that prevail in Emirates NBD's external environment.

The SWOT analysis of Emirates NBD is presented below:

Strengths
Weaknesses
1. Stable shareholder base and diversified business model
2. Leading in innovations in digital banking
3. Leading the way in the Islamic Finance Market through Emirates Islamic
4. Consistent financial performance history with strong ratings
5. One of the largest banks in GCC and leading bank in the MENAT region
6. Top banking brand in the UAE and worldwide
1. Reduced in headcount amid economic downturn and property market weakness
Opportunities
Threats
1. Official banking partner of Expo 2020 Dubai
2. Expansion in the Kingdom of Saudi Arabia (KSA)
3. Attractive growth prospects in Indian markets
1. Political instability, tensions and civil wars in Middle East region
2. Slowdown due to pandemic and weak oil prices
3. Lower consumer sentiment and delays in leveraged finance investments
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Detailed SWOT Analysis of Emirates NBD

 

Strength

1. Stable shareholder base and diversified business model: Emirates NBD, enjoys the advantage of having a cooperative shareholder base from the Government of Dubai mainly through the Investment Corporation of Dubai. The bank services the corporate, consumer and Islamic banking sectors through a well-diversified and balanced asset composition. The acquisition of DenizBank has further helped the bank expand its geographical reach significantly. As of 2020, NBD has its foreign ownership limit at 20% compared to the erstwhile 5% of September 2019. Emirates NBD has plans to increase this limit to 40% in the near future.

2. Leading in innovations in digital banking: The AED 1 billion digital transformation project announced by Emirates NBD has helped the bank make rapid strides in the fulfillment of its digital agenda. The bank has also been focusing significantly on innovation in the local and regional banking sector in 2019. The above mentioned project is expected to help the bank in improving its end-to-end IT capabilities across IT architecture, operations, governance and security. It is expected that the bank will also find it easier to handle comprehensive data management and ensure faster delivery. The Amazon Web Services have been utilized by the bank to launch Emirates NBD Voice Banking. In support of the Dubai government’s plan to encourage paperless services and transactions, the bank has also introduced a fully digital account opening process in 2019, making it easier for customers to open an account using their smartphones. The digital transformation drive initiated by the bank has caused it to gain several regional and global firsts. A number of important industry awards have been presented to the bank like being named the ‘Most Innovative Financial Institution in the Middle East’ by Global Finance at The Innovators 2019 Awards. The Euromoney Awards for Excellence in 2019 also declared Emirates as a digital banking leader by granting it the Best Digital Bank in the Middle East’ and ‘Best Bank in the United Arab Emirates’ awards.

3. Leading the way in the Islamic Finance Market through Emirates Islamic: Emirates Islamic, an Emirates NBD subsidiary, has become the flagship UAE bank with a mobile banking app. The bank has also rewritten Islamic banking by introducing several other innovations like digital wallets. Every cardholder is offered the use of three digital wallets - Apple Pay, Samsung Pay and Google Pay. Its WhatsApp banking service is another such innovation introduced by the bank.

The remaining section of “Strength” is available only in the 'Complete Report' on purchase.

Weakness

This section is available only in the 'Complete Report' on purchase.

Opportunity

This section is available only in the 'Complete Report' on purchase.

Threat

This section is available only in the 'Complete Report' on purchase.

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References used in Emirates NBD SWOT & PESTLE Analysis Report

1. About Emirates NBD - https://www.emiratesnbd.com/en/about-emirates-nbd/about-us/

2. Emirates NBD Annual Report - https://www.emiratesnbd.com/plugins/FinanceManagement/AnnualReport/AnnualEnglish/EmiratesNBD_AnnualReport_2019.pdf

3. Emirates NBD FY 2019 Results Presentation - http://www.emiratesnbd.com/plugins/FinanceManagement/QuaterlyReports/PresentationEng/Emirates_NBD_Results_Presentation_Q4_2019_English.pdf

4. Current Credit Ratings for Emirates NBD Group together with the most recent statement by the rating agency on the status and outlook- https://www.emiratesnbd.com/en/investor-relations/ratings-debt/credit-ratings/

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SWOT & PESTLE.com (2021). Emirates NBD SWOT & PESTLE Analysis - SWOT & PESTLE.com. [online] Available at: https://www.swotandpestle.com/emirates-nbd/ [Accessed 23 Oct, 2021].

In-text: (SWOT & PESTLE.com, 2021)

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