National Bank of Fujairah sweeps Best SME Trade Finance Offering, Treasury Management & Foreign Exchange Service from the 2013 Banker ME Product Awards
Awards reaffirm bank’s focus on trade finance, commercial banking and money market services
The National Bank of Fujairah PSC (NBF) announced that it has won "Best SME Trade Finance Offering", "Best Treasury Management" and "Best Foreign Exchange Service" at this year's Banker Middle East (BME) Product Awards. This marks the second consecutive year that NBF has been lauded for its treasury expertise, with the latest SME and FX awards further entrenching the bank's position as a leading service provider in the regional marketplace.
Organised by publisher CPI Financial, the annual awards ceremony celebrates the best in regional banking products and services and is keenly watched by industry practitioners. Not only was NBF recognised for its treasury services last year, it secured the "Best Trade Finance" and "Best Commercial Bank" at the BME product and industry events respectively, the latter being a separate but no less influential showcase that acknowledges top banks in the MENA region.
NBF's treasury operations have grown from strength to strength; last October, the bank was selected to replace Barclays on the UAE interbank rate setting panel, and its treasury team continues to expand its range of bespoke product and services offerings, adding energy derivatives to the mix in January. The bank's treasury revenue has also increased substantially over time, growing by nearly 300% over the past five years.
Since its inception in 2003, NBF's commercial banking unit has successfully grown its asset book and embraced its role as a leading provider of trade services to the small business sector. A member of the International Chamber of Commerce's UAE chapter, NBF has also been at the forefront of international trade by participating in industry seminars and running workshops apprising clients of latest trends. It also signed an MOU with Wells Fargo that would see the formation of a Hong Kong-based, non-banking subsidiary aimed at helping clients navigate cross border trade between the Middle East and Asia.
CEO Vince Cook said that NBF's continuing success at the awards is sure testimony to the bank's unwavering focus on its clients and business strengths.
"As a leading bank for business in the UAE and the pride of Fujairah, NBF continues to perform beyond expectations, and the exceptional show of support it has received at this year's awards is further proof that we have what it takes to win.
"On behalf of the bank, I would like to once again thank our clients and business partners for their faith and good will, and look forward to many more years of mutual success."
About National Bank of Fujairah PSC:
Incorporated in 1982, National Bank of Fujairah PSC (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. It is listed on the Abu Dhabi Securities Exchange under the symbol "NBF" and has a branch network of 14 across the UAE.