A banking license was granted to National Bank of Abu Dhabi (NBAD), headquartered in Abu Dhabi, by the Hong Kong Monetary Authority, which took effect on Tuesday.  

About NBAD, apart from being the 2nd largest bank in the United Arab Emirates according to the July 2008 issue of The Banker, it is also the 207th largest bank in the world in terms of tier-1 capital.

It should be noted that the number of licensed banks in Hong Kong has increased to 144, following the granting of a banking license to NBAD.