China State Construction Engineering Corp Middle East (CSCEC) signed an SCF deal with NBAD

NBAD is the only bank to provide an SCF platform based in the region

Abu Dhabi, UAE (23 November 2016)

National Bank of Abu Dhabi (NBAD), the largest UAE lender by assets, and China State Construction Engineering Corp Middle East (CSCEC), a global engineering company with extensive Middle East operations, have signed an agreement for a fully automated Supply Chain Finance (SCF) programme, which will allow the Chinese corporate to offer better payment terms to its suppliers as well as enhance its cash flow management.

After executing a similar solution with a major airline, NBAD earlier this year became the first bank in the UAE to provide an SCF platform based in the region, which means that it can be customised for the commercial conditions in the Middle East. This new agreement with a global company brings NBAD’s trade finance offering to the next level by attracting global brands.

While SCF is well-established globally the solution is still nascent in the MENA region. SCF solutions create a win-win situation for the company and their suppliers. Suppliers – mostly SMEs - receive payments faster and directly from the bank. Corporates on the other hand benefit consequently from a healthier supplier community, thereby securing their own supply chain.

Vineet Varma, Managing Director and Head of GTB  from NBAD said: “We are very proud of this solution, which emphasizes NBAD’s commitment to provide the best in class trade finance solutions. SCF is a sophisticated value-added product and NBAD is on the forefront of innovation in the region Our product suite , provides international and regional clients with the extensive support from a bank that has both local experience and the required depth of business in the region.”

Vivek Vohra, MD & Global Head of Traders, Retailers and Diversified Sector from NBAD said: “NBAD is delighted to serve the need of CSCEC via supply chain finance, as this will further strengthen the relationship between this company and NBAD”.

Li Ye, CFO of China State Construction Engineering Corporation Middle East (CSCEC) said: “Signing up to an SCF solution was a logical step for us in the direction of enhancing the quality of our relationship with our suppliers. This provides additional liquidity to our suppliers and enhances their ability to work with us in a timely fashion. Since the program is fully automated, this creates operations efficiencies. Working with NBAD as a partner helps us leverage their extensive resources in UAE & the region.”

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About NBAD 
NBAD has one of the largest networks in the UAE, with 106 branches and cash offices and more than 535 ATMs across the country. NBAD’s growing international presence consists of 45 branches and offices in 17 countries stretching across five continents from the Far East to the Americas, giving it the largest global network among all UAE banks.

Since 2009, NBAD has been ranked consecutively as one of the World’s 50 Safest Banks by the prestigious Global Finance magazine, which also named NBAD the Safest Bank in the Emerging Markets and the Middle East.

 NBAD is rated senior long term/short term AA-/A-1+ by Standard & Poor's (S&P), Aa3/P1 by Moody’s, AA-/F1+ by Fitch, A+ by Rating and Investment Information Inc (R&I) Japan, and AAA by RAM (Malaysia) , giving it one of the strongest combined rating of any  Global  financial institution.

A comprehensive financial institution, NBAD offers a range of banking services including retail, investment and Islamic banking. NBAD grows strategically toward its vision to be recognised as the World’s Best Arab Bank.

For more information on NBAD please visit our corporate webpage www.nbad.com

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For further enquiries, please contact:
Michael Miller
Head of Investor, Media & Public Relations
Email: michael.miller@nbad.com
Tel: +971 2 611 2355
Mobile: +971 50 619 7116

© Press Release 2016