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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)

About NBF
Incorporated in 1982, National Bank of Fujairah PJSC (NBF) is a full services corporate bank with strong corporate and commercial banking, treasury and trade finance expertise as well as an expanding suite of personal banking options. Leveraging its deep banking experience and market insight within Fujairah and the UAE, NBF is well-positioned to build lasting relationships with its clients and help them achieve their business goals.

NBF's key shareholders include the Government of Fujairah, Easa Saleh Al Gurg Company LLC and Investment Corporation of Dubai. Rated Baa1 / Prime-2 by Moody's and BBB+ / A-2 by Standard & Poor's, both with a stable outlook, the bank is listed on the Abu Dhabi Securities Exchange under the symbol "NBF". It has a branch network of 15 across the UAE.

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