National Bank of Fujairah to establish presence in Hong Kong to strengthen trade relations between Middle East and Asia
Overseas representation – NBF’s first - to be supported by Wells Fargo and provide trade processing services
National Bank of Fujairah (NBF) has announced the signing of a Memorandum of Understanding (MoU) with Wells Fargo Bank that would see NBF establishing a presence in Hong Kong to strengthen trade flows between Middle East and Asia. The MoU, signed along the sidelines of the International Monetary Fund (IMF) - World Bank meetings in Tokyo last week, would pave the way for an NBF non-banking subsidiary that utilises the world class trade processing facilities provided by Wells Fargo.
NBF's subsidiary in Hong Kong would, subject to regulatory approval, offer Letters of Credit (LC) re-issuance services to Asian companies exporting to the bank's customers in the UAE, effectively reducing turnaround time for payment processing while providing them quicker access to goods and documents.
R S Rangan, NBF's Head of Trade Services, said that the bank's track record in trade finance puts it in good stead to support the requirements of importers and exporters between these two regions. A member of the International Chamber of Commerce's UAE chapter, NBF regularly supports regional trade forums and organises workshops apprising customers of latest best practices. It recently picked up Banker Middle East's "Best Trade Finance" award for 2012 and has seen its trade portfolio surge year on year.
"Economic ties between the UAE and Asia have been growing from strength to strength and we are keen to use our presence in Hong Kong to facilitate cross-border flows between these two dynamic regions and entrench NBF's reputation as a leading provider of trade services," he said.
Vince Cook, NBF Chief Executive, said the bank's first overseas subsidiary is a natural extension of its trade finance offering: "As one of the specialised trade finance banks in the region, we have had the privilege of working with many illustrious institutions, of which Wells Fargo is one of the largest. We are delighted to have Wells Fargo partner us once again and look forward to working with them to contribute to our mutual success."
Shoar Hassan, Wells Fargo's Regional Manager, Middle East and North Africa, Global Financial Institutions, said: "Wells Fargo has been a longstanding supporter of National Bank of Fujairah and this latest development signals our ongoing commitment to one of the more recognisable names in the UAE banking sector. We are confident that our strong trade processing capabilities coupled with our extensive network would enhance NBF's efforts in bridging Asia and the Middle East."
About National Bank of Fujairah PSC:
Incorporated in 1982, National Bank of Fujairah PSC (NBF) is a full services corporate bank with strong wholesale banking and trade finance expertise. 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, the Government of Dubai and business pioneer and community leader H.E. Sir Easa Saleh Al Gurg, KCVO, CBE. It is listed on the Abu Dhabi Securities Exchange under the symbol "NBF" and has a branch network of 14 across the UAE.