The National Bank of Fujairah (NBF) announced that it has won the “Best Trade Finance” and “Best Treasury Management” awards at the Banker Middle East Product Awards 2012.
Organised by publisher CPI Financial, the awards recognise products and services of leading financial organisations in the region. Over 10,000 voters select the winners annually, making the event one of the more established award ceremonies in the regional banking industry.
NBF has long played an active role in the development and promotion of trade in the UAE and is renowned for its wide array of specialised products ranging from Avalisation to Invoice Discounting. A member of International Chamber of Commerce’s UAE chapter, the Bank’s trade finance portfolio has grown year-on-year, with import and export portfolios rising by 55% and 60% respectively in 2011.
NBF’s Treasury team has made substantial contributions to the Bank’s income growth through strong asset liability and management, customised market advisory services and a growing range of product offerings that has recently expanded to include more structured derivatives and a wider range of commodities. The treasury revenue has seen a significant increase in income across FX over the last four years, with 267% increase since end-2007.
At yesterday’s awards dinner in Dubai’s Emirates Towers Hotel, NBF CEO Vince Cook said the award wins were a culmination of the Bank’s achievements over the past year; the Bank’s 2011 profit rose 64.4% to AED 280.9 million, one of the strongest set of results in its operating history.
“This is the first time that NBF has been acknowledged on such a forum, and the awards are an endorsement of our strong track record and core business focus. We are humbled by this achievement and will use it to motivate us towards further success.
“I would like to take this opportunity to thank our valued customers and business partners for their longstanding support,without which the Bank would not be the successful organisation that it is today.”