National Bank of Abu Dhabi (NBAD) yesterday announced a Memorandum of Understanding with Deutsche Bank (DB) for the use of Guaranteed US Plus, a solution developed by DB to enhance pricing transparency for clients with individual US dollar flows into the United States.
Guaranteed US Plus was developed by Deutsche Bank’s Global Transaction Banking business to help clients overcome the challenges of common US market practice, to create a more efficient way for US beneficiaries of cross-border US dollar payments, and their foreign counterparts, to do business. NBAD’s clients will be able to pass on these fee transparency programmes to their own customers for eligible USD payments to the United States.
“We are delighted to be able to leverage Deutsche Bank’s product innovation to offer this cutting-edge USD payment service that creates new efficiencies for our clients and help us to expand our leadership in the Middle East market,” said Frank Hamer, the global head of transaction banking at NBAD.
The agreement between the two banks was signed yesterday on the sidelines of Sibos, a transactional banking conference organised by the international banking services provider Swift in Dubai.
NBAD’s international network consists of 57 branches and offices in 17 countries stretching across five continents. The bank, listed on the Abu Dhabi Securities Exchange, has a market capitalisation of Dh53.6 billion.