National Bank of Fujairah establishes equipment finance unit
Part of NBF’s corporate & institutional banking division, dedicated team will enhance bank’s multi-disciplinary approach towards servicing companies in the UAE
National Bank of Fujairah (NBF) PJSC today announced the official launch of an equipment finance unit capable of supporting not just the asset acquisition requirements of companies, but the financing arrangements of equipment manufacturers and distributors operating out of the UAE. It is part of the bank's corporate & institutional banking division, and comprises a dedicated team of specialists well-versed in the commercial assets and equipment funding requirements of multiple industries.
NBF's equipment finance team will provide tailored solutions to companies and vendors in sectors ranging from transportation and logistics to healthcare and manufacturing. It has already closed over AED 50 mil of business deals and signed strategic alliances with a number of leading equipment distributors to support their sales and distribution efforts with structured financial offerings.
Vikram Pradhan, NBF's Head of Corporate & Institutional Banking (C&IB), says that the new unit's formation is consistent with the bank's approach of leveraging expertise and experience across multiple disciplines and business strengths on behalf of its clients; C&IB, for instance, comprises units dedicated to specialised sectors from precious metals to energy and marine and routinely incorporates NBF's award-winning trade finance and treasury services into its business solutions for customers.
CEO Vince Cook says: "NBF is well known for its commitment to the UAE's corporate and SME market. The establishment of a specialised equipment financing unit is a natural extension of our comprehensive approach to servicing our customer's needs.
"To that end, we are proud to have on board a team that not only possesses a strong understanding of multiple asset classes from vehicles to industrial machinery and equipment, but an enviable track record in providing diverse capital expenditure and vendor financing solutions to companies in the UAE. We look forward to complementing this new feature with the bank's existing capabilities so as to provide a more comprehensive approach towards fulfilling the business needs of our clients. With this newfound capability, we will also be in a better position to partner companies across the supply chain, from manufacturers to distributors, as they market their products across the country."
Widely recognised as a leader in business banking, treasury and trade finance, NBF counts Banker Middle East's "Best Domestic Commercial Bank" and "Best Customer Service - Corporate & Investment Banking" amongst its industry plaudits. Recent efforts at enhancing its service suite include NBF Islamic, a Shariah-banking proposition that will eventually be broadened to support companies and businesses in the UAE.
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. 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.