National Bank of Fujairah opens HK subsidiary

Will enhance trade between Middle East and Asia.

The subsidiary is named NBF Trade Services (HKG) Ltd. It is a non-banking subsidiary that will utilize Wells Fargo's trade processing capabilities to better serve UAE customers doing business in Asia. Fujairah is one of the emirates comprising the UAE.

The subsidiary is NBF's first overseas subsidiary and will facilitate the reissuance of import Letters of Credit to beneficiaries in Asia, thereby providing NBF customers easier access to their trading partners in this region and reducing turnaround time for payments, documentation and the delivery of goods.

NBF Chief Executive Vince Cook said that the recent initiative signaled the bank's ongoing commitment towards enhancing its trade finance proposition:

He described the Hong Kong subsidiary as a significant step towards raising the bank’s international profile and establishing it across strategic global trading links.

“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,” he said.