National Bank of Fujairah opens Dubai unit

National Bank of Fujairah said yesterday that its new Dubai-based financial advisory unit would fill a gap in the market not covered by larger international investment banks.

The bank has shown in the past that it can take market share from bigger rivals by specialising in niche sectors such as precious metals and plans to grow its loan book in specialised industries where it has expertise, such as shipping.

Fujairah is the world's third-biggest fuel bunkering hub after Singapore and Rotterdam. It has been a beneficiary of the UAE Government's measures to increase infrastructure spending in the Northern Emirates.

"Operating out of Dubai International Financial Centre, NBF Capital … will cover financial activities ranging from loan syndication, mergers and acquisitions to business formation and corporate restructuring," the bank said in a statement yesterday.

PB Das, formerly the lender's head of wholesale & institutional banking, will lead NBF Capital.

"We are seeing a growing demand for financial advisory services from companies that may not have the inclination or wherewithal to recruit the services of big, multinational investment banks and consulting firms, and are confident that NBF Capital can serve as a viable alternative," said Vince Cook, the bank's chief executive

The move follows National Bank of Fujairah's first foray outside the UAE late last year when it signed an agreement with Wells Fargo of the United States to boost its trade finance business among Asian exporters and capitalise on growing economic ties between the UAE and the region.

National Bank of Fujairah reported net income last year of Dh305.8 million, an increase of 8.9 per cent compared with a year earlier. Loans and advances grew by 16 per cent, and although the bank does not release forecasts for the year ahead, it said in March that it expected a consistent level of growth this year.

business@thenational.ae