NBAD signs deal with Deutsche Bank
Abu Dhabi, September 18, 2013
The National Bank of Abu Dhabi (NBAD) has signed a MoU with Deutsche Bank to use its Guaranteed US Plus, a new payment solution for enhancing pricing transparency for clients with individual US dollar flows into the US.
This new service was developed by Deutsche Bank’s Global Transaction Banking business to help clients overcome the challenges of common US market practice, to create a more efficient way for US beneficiaries of cross-border dollar payments, and their foreign counterparts, to do business, said a statement from NBAD.
Its selection of Guaranteed US Plus furthers the lender's existing cash management relationship with Deutsche Bank, said a senior official.
Rola Abu Manneh, the senior managing director & head of client relationships, Wholesale Banking Group, at NBAD, said, “We chose to expand our existing cash management relationship with Deutsche Bank to provide our clients with end-to-end pricing transparency for individual USD payments entering the US.”
With this, NBAD’s clients will be able to pass on these fee transparency programmes to their own customers for eligible USD payments to the United States, he stated.
Frank Hamer, the global head of Transaction Banking at NBAD, said, “We are delighted to be able to leverage Deutsche Bank’s product innovation to offer this cutting-edge USD payment service that creates new efficiencies for our clients and help us to expand our leadership in the Middle East market.”
Wolfgang Wagner, CEEMEA head for cash management financial institutions, Global Transaction Banking, at Deutsche Bank, expressed delight at offering a unique value proposition to NBAD that helps them support their expanding client franchise.
"We are proud to partner with one of the region’s largest banks and remain committed to providing solutions that produce tangible results not just for NBAD, but for our clients around the world," he added.-TradeArabia News Service