In further recognition of the National Bank of Fujairah’s commitment and excellence in trade finance and corporate banking, it has been awarded CMM Trade Finance Tajara Benchmark status in 2013.
According to Cash Management Matters, publishers of Cash&Trade magazine, this is in recognition of:
- the bank’s inclusion in the Tajara Monitor bulge bracket of 12 out of the more than 50 banks operating in the UAE, which account for between them 70 per cent of the total country market and are, therefore, of systemic importance to the Emirates’ economies
- the bank’s rank of fourth in the top four improving banks in the league table in the past year alongside First Gulf Bank, Mashreq Bank and Abu Dhabi Commercial Bank
- the significant value of the bank’s trade related contingent liabilities in the amount of AED 5.2bn at year-end 2012 having added AED 200million to its total compared with the prior year. This was in the form of a two per cent gain in its letter of guarantee portfolio and an 11 per cent gain in its letter of credit portfolio
- the bank’s consistent provision of trade finance and corporate banking as evidenced by its inclusion in the league table for the fifth consecutive year as a result of facilities approved and drawn down in a day-to-day transaction flow successfully delivered by its team
- the bank’s other gains in one or more of corporate segment assets, liabilities, operating profits and trade finance and corporate banking focus in terms of its overall portfolio focus, which are additional contributing factors to the above
- the bank having achieved niche market leadership in advances against trust receipts and bills discounted.
A letter to the bank from the directors of CMM said, “Clearly, we recognise that your client satisfaction expressed already in many ways, in the form of repeat annuity business and your trade fees and commissions (which rose for the first time above AED 100m last year), is already the best testament to your achievement.
“We intend that this announcement further recognises your endeavours and substantial team effort to achieve the above results.”
Commenting on the Tajara benchmark status award, Vikram Pradhan, head of corporate & institutional banking, National Bank of Fujairah, said, “National Bank of Fujairah is widely recognised as one of the leading providers of trade finance and corporate banking services in the UAE, and the Tajara Benchmark Status award is yet another strong endorsement of our capabilities in these areas.
“Our corporate and institutional banking team applies a multi-disciplinary approach towards leveraging strengths across the bank to develop highly personalised business solutions, of which our trade finance expertise is especially well-received.
“We remain committed to the enhancement of NBF’s award-winning trade finance proposition, be it through fostering a greater understanding of trade practices through client workshops, building relationships with global counterparties at key conferences such as the recent Sibos event in Dubai, or our recent establishment of a non-banking subsidiary in Hong Kong, a focal point in the Middle East-Asia trade corridor. Such ongoing efforts will ensure that we remain adaptable and responsive to our customers’ needs.”