NBF inks $25m bilateral deal with Wells Fargo
Dubai, February 8, 2011
The National Bank of Fujairah (NBF) has signed a $25 million bilateral trade finance facility with Wells Fargo Bank of USA.
The facility has a two-year tenor and will support National Bank of Fujairah’s trade business growth.
The facility will also strengthen existing ties between the two leading financial services institutions, first initiated in 2000 with Wachovia, which has since become a part of Wells Fargo. NBF routinely uses Wells Fargo’s branch network for its trade business, and in 2008, arranged a closed syndication deal of which Wells Fargo was a part.
“This transaction is a reflection of the trust that we inspire in our partners, such that top-tier multinational banks like Wells Fargo are confident of entering such transactions with us despite prevailing market conditions. On that same token, we are happy to use such facilities to strengthen our trade financing capabilities so as to better serve our clients across the UAE,” said Vince Cook, chief executive of National Bank of Fujairah.
“We are pleased to have a market leader like National Bank of Fujairah as our partner in the region and are confident that this trade finance facility is the start of a period of growth in this area,” added Chuck Silverman, Wells Fargo’s global head of Financial Institutions.-TradeArabia News Service