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NBF to replace Barclays on UAE rate panel
- United Arab Emirates: Saturday, September 29 - 2012 at 02:58
National Bank of Fujairah, the 11th-largest bank by market capitalisation in the UAE, has been selected to replace Barclays on the panel which sets the country's indicative interbank lending rates, Reuters has reported, citing banking sources. Last July, Barclays said it was withdrawing from the panel which determines the Emirates interbank offered rate (Eibor), weeks after it agreed to pay a $453m fine to US and British regulators over manipulation of the London interbank offered rate (Libor). NBF beat out India's Bank of Baroda for the spot on the 12-member panel in a vote of panel members, said three banking sources with knowledge of the matter.
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