National Bank of Fujairah (NBF) has been awarded the Best Commercial Bank at this year’s Banker Middle East Industry Awards held recently in Dubai.

This is NBF’s third business award following similar accolades from Banker ME for its trade finance and treasury management capabilities in March.

A longtime supporter of SMEs in the country, NBF established a dedicated commercial banking department in 2003 to serve the needs of companies with annual turnovers from Dh5 million ($1.36 million) to Dh125 million each. The bank’s commercial banking loan book has grown year-on-year and is well in excess of Dh1 billion today.

NBF recently made enhancements to its collateral-free business loan, raising the borrowing and repayment tenor limits to Dh1 million and four years respectively and introducing free life insurance and permanent total disability coverage to business owners. The bank has booked over 230 business loans since its launch at the end of 2010.

NBF CEO Vince Cook thanked customers and partners for their “resounding endorsement of the bank”.

“As a relatively small bank, we have learned the need to stay focused on a core group of customers. It is heartening to see that our longstanding commitment to the commercial banking segment in particular, is now being recognised,” he said.

“For the bank to secure not one, but three industry awards of this stature within such a short span of time is unprecedented. We are extremely proud of this achievement and would once again like to extend our gratitude to partners and clients for their vote of confidence in NBF,” Cook added. – TradeArabia News Service