As part of NBF Knowledge Series “NBF GenNext” programme trains next generation business owners to take on leadership positions
USD 1.2 to USD 1.3 trillion to be transferred from current owners to the third generation in the next 10 years
National Bank of Fujairah PJSC (NBF) continues to press on with its investments in knowledge-sharing platforms targeted at adding value to its clients’ businesses and helping them preserve these for future generations. Under the NBF Knowledge Series spectrum of sharing guidance and knowledge to its partners, the bank announced this week that it is hosting its third annual “NBF GenNext” initiative. Dependents of the bank’s Corporate and Institutional Banking clients will participate in leadership and learning sessions throughout a week-long seminar.
The sessions are curated by Fitch Learning, a leading provider of learning and development solutions for the financial services industry. NBF’s “GenNext” not only explores financial principles that are critical to the business but also focuses on management competencies and leadership skills. It is guided by the bank’s management team who actively participates in the sessions and provides insights into how to successfully run a business and sustain it across generations.
Commenting on this year’s sessions, NBF’s Head of Corporate and Institutional Banking Vikram Pradhan said: “Research by the Family Business Council Gulf and McKinsey revealed that around USD1.2 trillion to USD1.3 trillion is set to pass from parents to their millennial heirs in the next 10 years. More importantly, family businesses contribute significantly to the country’s economic growth but are need of support in terms of succession planning across generations. Therefore, the GenNext programme is an extension of the bank’s tradition as a trusted partner for businesses in the UAE. We are keen to help our clients develop a strong pipeline of capable young leaders that would help grow their businesses and preserve them for future generations.”
This year’s program saw the participation of 14 individuals and covered topics including corporate financial reporting and funding; company management and ownership; shareholder returns; investment and financing; and debt funding and metrics. A part of the NBF Knowledge Series, NBF GenNext reflects the bank’s client-centric approach which constantly focuses on creating platforms that educate and benefit customers. Given its success, the programme has become an annual fixture on clients’ agendas as NBF continues to tailor it to match their needs and requirements.
Jalal AL Noubani, one of the participants in NBF GenNext commented: “I would like to thank NBF for giving me the opportunity to receive this specialised training. A key challenge for a fresh graduate like me is to gain a technical overview early on to effectively grow and sustain the family business as soon as I join the organisation. In this regard, the GenNext programme is an invaluable platform, as it allowed me to master much-needed technical areas and skills, especially in today’s competitive environment.”
About National Bank of Fujairah PJSC:
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 and Shari’a compliant services. 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 LLC and Investment Corporation of Dubai. Rated Baa1 / Prime-2 for deposits and A3 for counterparty risk assessment 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 16 across the UAE.
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