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National Bank of Fujairah joins UAE rate panel

National Bank of Fujairah will replace British lender Barclays PLC on the United Arab Emirates' interbank rate setting panel, the banking regulator said on Thursday.

"Following the withdrawal of Barclays Bank from the Eibor fixing process, the National Bank of Fujairah was selected by the Eibor panel banks to join the Eibor panel, starting October 8 2012," the statement said.

The quotes from 12 banks are averaged to arrive at a daily range of Emirates Interbank Offered Rates (Eibor), which are used to price financial instruments in the Gulf's top financial centre.

Mark Domenic Zanelli, NBF's Head of Treasury said: "As a bank fully committed to the growth of the UAE, National Bank of Fujairah is honoured to have been selected to join this panel. We are pleased that the professionalism of our money market operations is recognised in this way and look forward to working with the Central Bank and other distinguished banks on the panel to further develop the local financial services sector."

(adapted from wire reports)