National Bank of Fujairah (NBF) PJSC inaugurated its first international representative office in Antwerp's Diamond District. The opening ceremony was attended by HE Mohamed Issa Hamad Abushahab, Ambassador of the United Arab Emirates to the Kingdom of Belgium, representatives from NBF Board and senior management, representatives of Antwerp's diamond industry and trade and of Antwerp's Municipality.
"The arrival of this bank demonstrates that the Antwerp diamond industry offers an attractive business opportunity for financial service providers," said Ari Epstein, CEO AWDC. "Anyone that does his homework and is prepared to acquire thorough knowledge about the diamond industry, will recognize that the many strict measures applicable to the diamond industry enable a financial service provider to develop a robust business."
"Antwerp is the largest trade center in the world for rough diamonds," said Vince Cook, CEO NBF, "which is why it seemed to us the obvious location to expand our specialized financial services to this sector. In this way, we will be better able to serve the needs of our clients, who are present in Dubai as well as Antwerp."
NBF's diamond financing team complements the bank's focus on the precious metals and jewellery sectors. The bank is widely regarded as one of the biggest local bullion banks in the UAE in terms of service coverage and provides an array of structured derivatives in commodities and base and precious metals. The bank moved to launching its diamond financing business in 2015 after bringing in industry experts from Antwerp Diamond Bank's (ADB) operations in Dubai to run the business. NBF's diamond products primarily involves providing short-term purchase and sales financing to established diamond traders.