National Bank of Fujairah appoints Cedar Consulting for IT project management

Cedar had assisted the Bank in the detailed evaluation of core banking systems and selection of T24 product from Switzerland based Temenos as the best-fit core banking system. Cedar had earlier assisted the Bank in formulating its Retail Business Strategy, and in implementing a Business Process Re-engineering exercise.

Mr. Asad A Ahmed, General Manager, National Bank of Fujairah said,

"National Bank of Fujairah has been at the forefront of Corporate product and service innovation in the region and with the implementation of the new technical infrastructure, the Bank will be able to offer further improved customer services coupled with world class Corporate, Retail and Islamic products to achieve customer centricity. Cedar helped us with the selection of the system after rigorous evaluation of top global systems with world class methodology. We are happy to engage them to project manage the implementation, and are confident to benefit from their objective and timely execution skills".

National Bank of Fujairah was established in 1982 in the Emirate of Fujairah. Its key shareholders include the Government of Fujairah (39%) and the Government of Dubai (10%). Currently, it is primarily a corporate bank with strong trade finance expertise, and intends to deepen its product range over the next few years by selectively expanding its retail banking services while continuing to build its core corporate banking services. The existing branch network is set to increase from the current nine branches to up to 12 by the end of the year. NBF is listed on the Abu Dhabi Stock Market under the symbol "NBF".

Mr. Sanjiv Anand, Managing Director, Cedar Management Consulting said, "We are pleased to work with National Bank of Fujairah through this strategic initiative, which we believe will achieve strategic alignment of Business and IT framework. This would enable the Bank in successfully launching the Retail initiative which Cedar had assisted the Bank in designing. Cedar has been in the forefront of assisting several Banks in the region through similar engagements, and we believe our experience and methodology would add significant value to the process".

Cedar is a global management consulting firm operating in 15 countries & 500 professionals. Its team has assisted clients since 1985. Cedar has significant experience in assisting large business groups in strategy formulation & deployment, process re-engineering, cost reduction, IT strategy, and strategic HR initiatives.