National Bank of Fujairah (NBF) announced that it has won the award for ‘Best Local Bank – UAE’ at the EMEA Finance Middle East Banking Awards 2015. The award further cements the bank’s reputation as a leading business bank and one of the most highly regarded financial institutions in the country.
Organised by EMEA Finance, a bimonthly publication that covers debt and equity markets, deal making, project finance and transactional banking in emerging Europe, the Middle East and Africa, the awards enters its eight year and is widely seen as a benchmark for excellence in the regional financial services sector.
In bestowing the award to NBF, EMEA Finance is acknowledging the bank’s rising stature in the international arena and its ambition, says the magazine’s publisher and CEO Christopher Moore.
“NBF’s 2015 results for the first nine months of the year and its performance post the global financial crisis are impressive. Notable are the bank’s strong net profit growth, its consistent compound annual growth rates and its attention and focus on providing superior corporate and commercial banking services. Additionally, the bank’s initiatives to operate at the highest standards in governance, risk management and in the human resources areas are laudable.
“NBF’s efforts to broaden its corporate customer base, like the launch of NBF Elham, a unit dedicated to supporting Emirati businesswomen and entrepreneurs, its newly established corporate advisory NBF Capital and the successful launch of NBF Islamic, exemplify the bank’s ambition, which itself is a positive reflection of the larger aspirations and vision of the UAE.”
NBF has emerged as the most consistently high performing bank in the UAE, achieving compound annual growth rates that consistently outperform the market by a significant margin over a considerable period. Its net profit for the first nine months of 2015 grew 22.9% compared to the previous year, exceeding many of its peers in the local banking sector.
NBF’s efforts at enhancing its suite of specialised services are also making progress. Its corporate advisory subsidiary, NBF Capital, currently has over AED 3.5 billion worth of deals completed or in the pipeline. The bank’s Shariah compliant business, NBF Islamic, has not only achieved profitability and crossed the AED 1 billion mark in deposits since launching in October 2014, but is also actively incorporated into the bank’s wholesale banking business, a good example being the Islamic tranche that was structured as part of a broader syndicated deal for Pacific Controls, an NBF client in the global information technology business.
The best local bank award also caps an exceptional year wherein NBF’s leadership in the local banking sector has been singled out for special mention in numerous forums. NBF won “Best Commercial Bank UAE” and “Best Corporate Bank UAE” at the Banker Middle East Industry Awards (BME) in May. These were in addition to another five BME awards presented to the bank for excellence in treasury management, trade finance, corporate advisory and the mid-market segment.
The bank’s Internet banking service, NBF Direct, was also highlighted at the CIO 100 Awards, which celebrated the innovative use of IT by companies in the Middle East, whilst its people engagement and Nationalisation initiatives were also feted in platforms from the Daman Health Awards to the Middle East HR Excellence Awards.
NBF’s CEO Vince Cook said: “It is a tremendous honour to receive this award. This latest recognition comes shortly after NBF was voted best in corporate and commercial banking in the UAE, and is not just further validation of our track record and progress, but a great reminder of our customers’ trust and faith in us. No doubt this latest accolade will give us even more confidence to maintain our course as we continue to build the bank for the future, and I will like to take this opportunity to thank our customers, partners, and last but not least, our staff, for their support and partnership, without which NBF would never have come this far.”