Text size:

  • Small
  • Normal
  • Large
NBF wants to capitalise on the increasing trade flows between the UAE and China. Silvia Razgova / The National
NBF wants to capitalise on the increasing trade flows between the UAE and China. Silvia Razgova / The National
National Bank of Fujairah's non-banking subsidiary that will utilise Wells Fargo’s trade processing capabilities. Silvia Razgova / The National
National Bank of Fujairah's non-banking subsidiary that will utilise Wells Fargo’s trade processing capabilities. Silvia Razgova / The National

National Bank of Fujairah launches Hong Kong unit with Wells Fargo

National Bank of Fujairah is looking to tap into increasing trade flows between Asia and the UAE, with the establishment of its first overseas subsidiary in Hong Kong, in conjunction with Wells Fargo.

National Bank of Fujairah (NBF) is looking to tap into increasing trade flows between Asia and the UAE, with the establishment of its first overseas subsidiary in Hong Kong.

The bank yesterday announced the establishment of NBF Trade Services (HKG), in conjunction with Wells Fargo, following the signing of an initial agreement between the two institutions last October.

“The Hong Kong subsidiary is a significant step towards raising our international profile and establishing us across strategic global trading links, said Vince Cook, NBF’s chief executive. “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.”

Trade between China and the UAE has increased tenfold over the past decade, reaching US$15.6 billion last year, a year-on-year increase of 10 per cent, according to figures from Standard Chartered.

“[Our new subsidiary] 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,” said Mr Cook.

The launch of the subsidiary was announced during Sibos 2013, a transactional banking conference organised by the international banking services provider Swift in Dubai and running from Monday to Thursday this week.

NBF Trade Services (HKG) will be a non-banking subsidiary that will utilise Wells Fargo’s trade processing capabilities. It will facilitate the reissuance of import letters of credit to beneficiaries in Asia, providing NBF customers with easier access to their trading partners in this region and reducing turnaround time for payments, documentation and the delivery of goods.

“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,” said Shoar Hassan, Wells Fargo’s regional manager, Middle East and North Africa, global financial institutions. “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.”

jeverington@thenational.ae

Back to the top

More articles


Editor's Picks

 The Greens, villas: Q1 no change. 3BR - Dh210-250,000. 4BR - Dh210-260,000. 5BR - Dh220-300,000. Q1 2013-Q1 2014 5% rise. Pawan Singh / The National

In pictures: Where Dubai rents have risen and fallen, Q1 2014

Find out how rental prices in the prime locations in Dubai have altered during the first three months of the year and the current rates you will pay according to data provided by Asteco.

 Above, the private pool of Ocean Heights' five-bedroom penthouse flat. Courtesy Christie’s International Real Estate

In pictures: Penthouse flat is height of Dubai luxury living

A five-bedroom penthouse in Ocean Heights in Dubai Marina is on sale for Dh25 million and comes with a private pool and an unparalleled view of Dubai.

 The cooling towers of the Temelin nuclear power plant near the Tyn nad Vltavou in Czech Republic. The country wants to continue expanding nuclear energy capacity despite cancelling a tender to build two new units. David W Cerny / Reuters

In pictures: Best business images for the week to April 17, 2014

Here are some of the best business images for the week to April 17, 2014.

 Three generations of the Hakimi family tend to their stall Crawford Market in Mumbai. Subhash Sharma for The National

In pictures: Shopper’s delight at Crawford Market in Mumbai

Crawford Market is an old British-style covered market dealing in just about every kind of fresh food and domestic animal imaginable. Later on renamed Mahatma Jotirao Phule, the market remains popular among locals and visitors by its old name, taken from Arthur Crawford who was the first municipal commissioner of the city.

 The Wind, Energy, Technology and Environment Exhibition takes place from April 14 to April 16. Above, the Dewa showroom during last year’s Wetex. Jaime Puebla / The National

April corporate and economic calendar for the UAE and overseas

From Cityscape to Wetex to stock-market holidays to nations reporting first-quarter GDP figures, here is our helpful calendar of April's business events in the UAE and internationally.

 Get the latest information on credit cards, bank accounts and loan products in the UAE. Mark Lennihan / AP Photo

Rates report: Latest on UAE loans, accounts and credit cards

Souqamal.com brings you the latest interest rates on banking products in the UAE.

Events

To add your event to The National listings, click here

Get the most from The National