Emirates NBD claims triple win at prestigious Asian Banker awards

Press release

Published November 4th, 2015 - 09:49 GMT

Al Bawaba

Emirates NBD, a leading financial institution in the Middle East, announced today that it has recently won three prestigious awards at Asian Banker’s third Annual Middle East and Africa Awards ceremony.

The bank was named as winner for the Achievement in Credit Risk Management award 2015 at the Asian Banker Risk Management Awards Programme for the Middle East & Africa. In addition, the bank won the ‘Best Trade Finance Bank in the UAE 2015 award’, while Emirates NBD Egypt won the ‘Best Cash Management and Trade Finance Bank Award in Egypt for 2015’.

Commenting on the triple win, Shayne Nelson, Group CEO, Emirates NBD said: “Winning three prestigious awards from the Asian Banker is an honour and a significant recognition of Emirates NBD’s robust standing in the industry. I would like to take this opportunity to recognise the efforts of the teams involved: Group Risk, led by General Manager, Manoj Chawla; Group Transaction Banking, headed by Executive Vice-President, Samir Sahu; and our fast-growing Egypt business led by Egypt CEO, Giel-Jan Van Der Tol.

Key Highlights of the awards:

Achievement in Credit Risk Management 2015

The bank was commended for its integrated stress testing framework which encompasses the forward-looking assessment of economic scenarios,an added bonus especially with the unpredictable financial environment today. Moreover, maintaining a structured management framework for consumer banking risk management enables Emirates NBD to identify and evaluate the significance of all credit risks that the bank can potentially face. The risk team has also introduced an early warning process used proactively for portfolio management that allows the bank to detect weaknesses related to customer credit worthiness as well as the monitoring of market related risks. The effectiveness of the bank’s initiatives to change the culture of the bank on their first line of defense can be seen in their Total Capital and Tier 1 Capital ratios.

Best Trade Finance Bank in the UAE 2015

Emirates NBD transaction banking business experienced growth in both cash management and trade finance this year, with a 13% growth in revenue and over 10% in market portion of trade finance business in regards to SWIFT messaging. Emirates NBD remains one of the primary banks in cash management and trade finance for its expanding customer base offering a rich product offering in trade finance including liquidity management, import/export factoring and advanced trade portal. The bank’s smartBUSINESS online platform provides corporates with a single sign in for both cash management and trade services.

Best Cash Management and Trade Finance Bank Award in Egypt for 2015

This prestigious accolade recognises Emirates NBD Egypt as a national leader in providing cash management and trade finance services. Asian Banker’s judging panel praised the breadth and level of customisation of Emirates NBD Egypt’s cash management and trade finance solutions. Also commended was the bank’s focus on pioneering online service options for both cash management and trade finance, and which have now been taken up by over 65 per cent of corporate clients.

Background Information

Emirates NBD

Emirates NBD, the leading banking group in the region, was formed on 19 June 1963, when H.H. Late Sheikh Rashid bin Saeed Al Maktoum signed the Charter of Incorporation of the National Bank of Dubai (NBD) which became the first National Bank established in Dubai and the United Arab Emirates (UAE). With the blessings of H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, NBD merged with Emirates Bank International (EBI) on 06 March 2007, to form Emirates NBD, the largest banking group in the region by assets. On 16 October 2007, the shares of Emirates NBD were officially listed on the Dubai Financial Market (DFM). The merger between EBI and NBD to create Emirates NBD, became a regional consolidation blueprint for the banking and finance sector as it combined the second and fourth largest banks in the UAE to form a banking champion capable of delivering enhanced value across corporate, retail, private, Islamic and investment banking throughout the region.