National Bank of Fujairah (NBF) has announced the signing of a Memorandum of Understanding (MoU) with Wells Fargo Bank that would see NBF establishing a presence in Hong Kong to strengthen trade flows between Middle East and Asia.
The MoU, signed along the sidelines of the International Monetary Fund (IMF) - World Bank meetings in Tokyo last week, would pave the way for an NBF non-banking subsidiary that utilises the world class trade processing facilities provided by Wells Fargo.
NBF’s subsidiary in Hong Kong would, subject to regulatory approval, offer Letters of Credit (LC) re-issuance services to Asian companies exporting to the bank’s customers in the UAE, effectively reducing turnaround time for payment processing while providing them quicker access to goods and documents.
R S Rangan, NBF’s Head of Trade Services, said that the bank’s track record in trade finance puts it in good stead to support the requirements of importers and exporters between these two regions. A member of the International Chamber of Commerce’s UAE chapter, NBF regularly supports regional trade forums and organises workshops apprising customers of latest best practices.