National Bank of Fujairah (NBF) has announced the establishment of NBF Trade Services (HKG) Limited, a non-banking subsidiary based in Hong Kong that will utilise Wells Fargo’s world-class trade processing capabilities to better serve UAE customers who are doing business in Asia.
The formation of the NBF entity in Hong Kong comes after the signing of a Memorandum of Understanding with Wells Fargo last October, which outlined both parties’ intentions of strengthening trade flows between the Middle East and Asia. The entity is NBF’s first overseas subsidiary and would facilitate the reissuance of import Letters of Credit (LCs) to beneficiaries in Asia, in effect providing NBF customers easier access to their trading partners in this region and reducing turnaround time for payments, documentation and the delivery of goods.
Speaking on the sidelines of Sibos 2013, held in Dubai for the first time and in which the bank is participating as an exhibiting partner, NBF Chief Executive Vince Cook said that the recent initiative signalled the bank’s ongoing commitment towards enhancing its award-winning trade finance proposition: “The Hong Kong subsidiary is a significant step towards raising our international profile and establishing us across strategic global trading links. Our Hong Kong subsidiary comes at a time when cross border flows between the UAE and China are expanding at a rapid pace, making it the perfect platform to springboard our clients into the thick of the action.
“It is also a welcome extension to the successful and strategic partnership that exists between NBF and Wells Fargo, and I thank them once again for their ongoing support as we make further inroads into new markets.”
NBF has maintained its position at the forefront of international trade through regular participation and sponsorship of industry seminars and customer trade workshops, which it organises annually to apprise clients of the latest trends. A member of the International Chamber of Commerce's UAE chapter, the bank’s trade focus has received industry plaudits, namely Banker Middle East’s “Best SME Trade Finance offering” this year and “Best Trade Finance” the year before.
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 will enhance NBF’s efforts in bridging Asia and the Middle East.”