National Bank of Fujairah

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National Bank of Fujairah
Native name
National Bank of Fujairah PJSC
IndustryFinancial services
Founded1982
HeadquartersHamad Bin Abdullah Street, PO Box 887 Al Fujairah Building, Khalid Bin Waleed Street, PO Box 2979, Dubai, ,
Key people
Vince Cook (CEO)
Number of employees
about 762
Websitehttps://www.nbf.ae/en

National Bank of Fujairah is a full-service corporate bank that offers corporate and commercial banking, treasury and trade finance services, personal banking options, and Shari’a-compliant services.

The bank is rated Baa1/Prime-2 for deposits and A3 for counterparty risk assessment by Moody’s [1] and BBB+/A-2 by Standard & Poor’s, both with a stable outlook. It is listed on the Abu Dhabi Securities Exchange under the symbol “NBF”.[2]

Business focus[edit]

National Bank of Fujairah provides corporate banking, business banking, personal banking services along with trade finance, treasury, cash management, precious metals and diamonds and Islamic banking support. In 2017, the bank was the first conventional bank to join Nasdaq Dubai’s Islamic Murabaha platform for Islamic financing.[3] The bank also offers advisory services through its independent subsidiary, NBF Capital Limited.

The bank has also launched the ‘NBF Direct’ platform for online and mobile banking for corporate and retail clients.

Branch network[edit]

The bank has branches across the UAE, with head offices in Dubai and Fujairah.

  • Abu Dhabi
  • Mussafah
  • Al Ain
  • Al Quoz
  • Al Ras
  • Bur Dubai
  • Jebel Ali
  • Sharjah
  • Fujairah
  • Dibba
  • Fujairah Court
  • Fujairah Free Zone
  • Masafi
  • Qidfah
  • Tawian
  • Dubai South-Electronic Banking Service Unit

Operations[edit]

The bank was established in 1982 and commenced operations in 1984.

Ownership[edit]

The bank's shareholders' profile, as at May 31, 2018, is as follows:[4]

  • Department of Industry and Economy - Government of Fujairah - 40.86%
  • Easa Saleh Al Gurg LLC - 21.49%
  • Investment Corporation of Dubai - 8.74%
  • Fujairah Investment Company - 5.10%
  • Citizens of the United Arab Emirates - 23.81%

Subsidiaries[edit]

The bank has 3 subsidiaries:

NBF Financial Services FZC[edit]

Established in December 2004, with limited liability status in the Fujairah Free Trade Zone, NBF Financial Services FZC provides the bank with key financial advisory and support services.

NBF Capital Ltd, DIFC[edit]

Registered in the Dubai International Financial Centre (DIFC) as a company limited by shares under DIFC laws and regulations and regulated by the Dubai Financial Services Authority (DFSA).

The Company was established on April 3, 2013 and commenced operations on May 12, 2013. The principal business activities of the Company are arranging credit or deals in investments and advising on financial products or credit.

NBF Markets (Cayman) Ltd[edit]

Registered in the Cayman Islands as an exempted company limited by shares under the Companies Law (revised) of the Cayman Islands and regulated by the Cayman Island Government General Registry.

The Company was established on 31 January 2017 to provide support services to the Bank to enter into foreign exchange and derivative transactions with financial institutions / counterparties under the terms and conditions of International Swaps and Derivatives Association (ISDA).

Board of Directors[edit]

  • Sheikh Saleh Bin Mohamed Bin Hamad Al Sharqi, Chairman
  • His Excellency Easa Saleh Al Gurg, KCVO, CBE, Deputy Chairman
  • Sheikh Hamad Bin Saleh Bin Mohamed Al Sharqi
  • Hussain Mirza Al Sayegh
  • Dr. Sulaiman Mousa Al Jassim
  • Saif Sultan Al Salami
  • Mohamed Obaid Bin Majed Al Aleeli
  • Abdulla Fareed Al Gurg
  • Ahmed Saeed Al Raqbani

Management[edit]

  • Vince Cook, Chief Executive Officer
  • Adnan Anwar, Deputy Chief Executive Officer
  • Balaji Krishnamurthy, Chief Operations Officer
  • Justin Morgan-Cooper, Chief Risk Officer
  • Sharif Mohammed Rafei, Senior Executive Officer - Fujairah Region
  • Abdulla Aleter, Head of Human Resources
  • Colin Dallas, Head of Retail Banking

References[edit]

  1. ^ "Moody's assigns Baa1/P-2 deposit ratings to National Bank of Fujairah". Moody’s Investors Service. CS1 maint: discouraged parameter (link)
  2. ^ "National Bank of Fujairah PJSC". Bloomberg. CS1 maint: discouraged parameter (link)
  3. ^ "National Bank of Fujairah joins Nasdaq Dubai Murabaha Platform for enhanced and efficient Islamic financing". Nasdaq Dubai. CS1 maint: discouraged parameter (link)
  4. ^ "Shareholder Ownership Details". National Bank of Fujairah. CS1 maint: discouraged parameter (link)