ECI inks a strategic partnership with National Bank of Fujairah
To secure banks' corporate customers against non-payments and supply chain disruption during the Covid-19 outbreak
In the wake of the COVID-19 outbreak, banking institutions in the UAE are set to step up and consider potential regulatory impacts and, also to have in place effective business continuity arrangements.
Etihad Credit Insurance (ECI), the UAE Federal export credit company, has partnered with National Bank of Fujairah (NBF) to support businesses in the UAE by securing their growth plans. This collaboration will benefit small and medium-sized businesses, especially companies in high-risk industries by helping them navigate the current crisis by offering risk mitigation tools as well as trade credit solutions to facilitate cash flow aid, thereby safeguarding their business goals and growth.
The partnership between ECI and National Bank of Fujairah was sealed in a virtual meeting attended by senior officials from both organisations.
Underscoring how the collaboration between Etihad Credit Insurance and the National Bank of Fujairah will be beneficial for businesses and investors in the UAE, Massimo Falcioni, CEO of ECI, said: “ECI’s partnership with National Bank of Fujairah will support the banks' customers to manage risk and cash flow, during this global economic cycle. It also comes following numerous stimulus packages and financial measures declared by the UAE Federal and governments, and several leading banking institutions in the UAE to address the effects of the COVID-19 contagion. This partnership will be vital for businesses, as they will have access to bank’s export credit funding, backed by Etihad Credit Insurance guarantees and insurance solutions for both discount receivables and their supply financing".
Meanwhile, Vince Cook, CEO of NBF, stated, “We are pleased to have partnered with ECI. Over the years, NBF has been recognised as a leader in trade finance. This is a testament to banking institution’s resilience, deep-sector knowledge, and a customer-first approach to banking. During these unsettling times, we are keen to steer ahead. With access to ECI's customised and comprehensive trade credit solutions, we are certain that we can dedicate ourselves to not only nurturing but also securing the growth of businesses across the UAE thereby driving regional and international trade forward.”
Under this agreement, both the institutions have agreed to cooperate on the following areas: Trade Credit Insurance (conventional and Murabaha); Export & Project Financing; Factoring; SME’s Financing; and LC Confirmation as well as conduct workshops to educate about the benefits of trade protection solutions against the risk of non-payments. ECI will also provide market intelligence reports to highlight the commercial and political risk associated in international trade activities through its database of 360 million companies from across the globe.
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 18 (of which 1 is an electronic banking service unit) across the UAE.
For media inquiries, please contact:
Corporate Communications Department
E-mail: CorpComm@nbf.ae
Telephone: +971 4 397 1700
About Etihad Credit Insurance
Etihad Credit Insurance (PJSC) was established by UAE Federal Government and its founders, the governments of Abu Dhabi, Dubai, Ras Al Khaimah, Fujairah and Ajman. The company started its operations in February 2018. ECI plays a catalyst role in supporting the UAE’s non-oil exports, trade, investments and strategic sectors development, in line with UAE Vision 2021 agenda.
It is tasked to accelerate and sustain national economic diversification as well as support the export and re-export of UAE goods, works, services, and the foreign investments of the UAE businesses as well as support the exporters in the domestic trade through a range of export credit, financing and investment insurance products.
To provide UAE businesses with solutions that meet their growth objectives locally and internationally, ECI builds a comprehensive platform of strategic partnerships across government, insurers, re-insurers, brokers, banks and lenders, regional and international Export Credit Agencies, governments and trade promotion agencies in addition to world organisations for economic development.
ECI has also been assigned Insurance Financial Strength (IFS) Rating and an Issuer Default Rating (IDR) of AA- (Very Strong) with Stable Outlook from Fitch Ratings.
For media inquiries, please contact:
Abeer Al Mutawa
Director of Marketing & Communications
Etihad Credit Insurance
+971 4 245 4445
abeer.almutawa@eci.gov.ae