Wells Fargo has closed a US$25mn bilateral trade facility with the National Bank of Furjairah (NBF).
The two-year facility will go towards the emirate bank’s trade business growth, as well as boosting the partnership between the two banks.
“This transaction is a reflection of the trust that we inspire in our partners [so] that top-tier multinational banks like Wells Fargo are confident entering such transaction with us despite prevailing market conditions,” says Vince Cook, chief executive of NBF.
Wells Fargo is claiming that the deal is the beginning of a time of expansion in the UAE for the bank, as Chuck Silverman, head of financial institutions at the bank, explains: “We are pleased to have a market leader like National Bank of Fujairah as our partner in the region and are confident this trade finance facility is the start of a period of growth in this area.”
The deal comes after a 2008 transaction for NBF involving 12 banks which Wells Fargo participated in.
Reader Comments