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NBF launches Hong Kong subsidiary

The National Bank of Fujairah (NBF) has launched NBF Trade Services (HKG) Limited, a non-banking subsidiary based in Hong Kong that will utilise Wells Fargo's trade processing capabilities to better serve UAE customers who are doing business in Asia, Gulf Today has reported. The move to establish NBF's first overseas subsidiary follows the signing of a memorandum of understanding with Wells Fargo in October 2012, which outlined both parties' intentions of strengthening trade flows between the Middle East and Asia.