News

GLOBAL FINANCE MAGAZINE NAMES Emirates Bank as the BEST TRADE FINANCE PROVIDER in the UAE for 2007

28 February 2007
Emirates Bank has been named UAE's Best Trade Finance Provider 2007 by Global Finance Magazine. The prestigious award will be presented at this year's Annual meeting of the IMF & World Bank being held at Washington.

Global Finance editors select the best trade finance provider based on inputs from industry analysts, rating agencies, corporate executives and technology experts. Criteria for choosing winners included transaction volumes, scope of global coverage, customer services, competitive pricing, innovative solutions, use of technology and profitability.

The rapid growth in the UAE economy in the recent times has led corporates to invest in new business lines, seek new trade partners and use contemporary methods of financing. Recognizing the changing needs of its customers, Emirates Bank setup Transaction Banking Services in 2004. Transaction Banking Services at Emirates Bank provides Trade Finance, Cash Management and Factoring Services under one umbrella, and its core competence is structuring a variety of trade and payment transactions for corporate customers. Emirates bank has extensive correspondent banking arrangements, insurance tie up with COFACE for trade receivables and membership of Factors Chain International to service the rapidly emerging cross border open account trade.

"The Global Finance award is a testament to the confidence that the industry has in Emirates Bank Group. Emirates Bank has experienced professionals in trade finance and factoring who understand both the international & local trade practices. Large customer base, global coverage and local knowledge have enabled Emirates Bank to garner a significant market share of the trade business." said Mr. Abdul Wahid Al Fahim, GM-Corporates Bank, Emirates Bank.

"This award from Global Finance validates our commitment to provide best in class Trade, Cash and Factoring services supported by robust technology, advisory and product structuring skills. Our Trade Finance processing partners ECTSME combines the use of workflow, scanning & imaging and bar-coding technologies that automates the full range of trade finance activities. Back-office processing is paperless and performed using images and achieves efficiency for all parties to the transaction. " said Mr. Samir Sahu, Head Transaction Banking Services.