Apr 09, 2019

National Bank of Fujairah Opens Representative Office in Antwerp; Its First International Presence

The National Bank of Fujairah (NBF) PJSC, a full services corporate bank, recently inaugurated a representative office in the heart of the Antwerp Diamond District. This is the bank’s first international office.

“This falls in line with the bank’s strategy to further cement its position as the leading financial partner for clients in the industry through its unparalleled sector expertise and bespoke solutions,” said a statement from NBF announcing the opening. “With the establishment of this new representative office, NBF can bring value-added services and source market information to better serve existing clients in the Antwerp and the UAE.”

The inauguration was attended by HE Mohamed Issa Hamad Abushahab, Ambassador of the United Arab Emirates to the Kingdom of Belgium; and representatives from the NBF Board and senior management, as well as esteemed partners and guests.

Commenting on the launch of the representative office, Vince Cook, NBF’s CEO, said: “This is a proud moment for us, and a great testament to our focus on providing our clients with the best financial advice and connecting them with important stakeholders both at home and abroad. Since launching the diamond financing business, we have realised that our clients who are present in both Dubai and Antwerp would benefit from NBF being present in these two major diamond hubs. We are committed to using our presence in Antwerp to build on our reputation as one of the leading banks in the diamond business and grow partnerships with the local community.”

NBF’s diamond financing team complements the bank’s focus on the precious metals and jewellery sectors. “The bank is widely regarded as one of the biggest local bullion banks in the UAE in terms of service coverage and provides an array of structured derivatives in commodities and base and precious metals,” NBF said.

The bank began its diamond financing business in 2015 after bringing in industry experts from Antwerp Diamond Bank’s (ADB) operations in Dubai, to run the business. “NBF’s diamond products primarily involves providing short-term purchase and sales financing to established diamond traders,” the bank affirmed.