National Bank of Fujairah (NBF) announced that it has won the “Best Trade Finance Bank” award at the Trade & Export Excellence Awards 2014. The win further establishes the bank as a market leader for trade finance solutions in the UAE.
Organised by the CPI Media Group, the Trade & Export Excellence Awards celebrates the achievements of companies across the trade services sector within the UAE and across the Middle East. NBF’s win at this event adds to a host of domestic and international accolades it has received year on year for its trade finance expertise reaffirming the increasingly important role that it plays in the development and promotion of regional and international trade.
NBF’s trade financing portfolio has grown year-on-year, with import and export portfolios rising by 12% and 27% respectively in 2013.
As part of its multidisciplinary approach towards serving client requirements, the bank has not only introduced a wide range of trade finance solutions, but has also established a centralised trade services desk and stationed dedicated trade experts across its branch network to be more accessible to its clients. Last year, the bank opened its first overseas subsidiary in Hong Kong to support local companies doing business in Asia.
A member of the International Chamber of Commerce’s UAE Chapter and one of the founding parties of the Trade Finance Managers Forum, an informal gathering of UAE trade experts, NBF regularly conducts trade workshops for clients and participates in industry forums such as last year’s ICC UAE Trade Finance Conference and the Export Fair organised by the Department of Economic Development, Abu Dhabi.
At last year’s Sibos conference in Dubai, where NBF is an exhibiting sponsor, Cash Management Matters bestowed it with the Tajara Benchmark Status for its strengths in corporate banking and trade finance. It is also a regular recipient of the Banker Middle East awards for excellence in trade finance as well as commerzbank’s Straight Through Processing (STP) awards, which acknowledges excellence in the delivery of commercial payments and financial institution transfers.
NBF’s Head of Corporate & Institutional Banking, Vikram Pradhan, said: “We are honoured to have received the Trade & Export award, which is once again another resounding endorsement of the bank’s business expertise and our capacity to strive towards even greater levels of excellence.
“As the local economy continues to strengthen on the back of exciting market developments, not least of which is the Dubai Expo, growth opportunities will continue to present themselves, and this award will send another strong message to the market of NBF’s capacity to play a defining role in our customers’ success.”