Arab Today, arab today nbf to strengthen trade relations between me and asia
Last Updated : GMT 20:38:34
Arab Today, arab today
Arab Today, arab today

NBF to strengthen trade relations between ME and Asia

Arab Today, arab today

Arab Today, arab today NBF to strengthen trade relations between ME and Asia

Fujirah - Arabstoday

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. From gulftoday

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