The National Bank of Abu Dhabi (NBAD) today signed a Memorandum of Understanding with Deutsche Bank to use its Guaranteed US Plus, a new payment solution used to enhance pricing transparency for clients with individual USD flows into the United States. NBAD’s selection of Guaranteed US Plus furthers its existing cash management relationship with Deutsche Bank.
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 USD payments, and their foreign counterparts, to do business. 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.
NBAD, incorporated in 1968, has one of the largest networks in the United Arab Emirates (UAE) with an expanding network of 125 branches and cash offices as well as 485 ATMs across the country. NBAD’s international network consists of 57 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.
Rola Abu Manneh, 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.”
Frank Hamer, Global Head of Transaction Banking at NBAD, added, “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, said, “We are pleased to offer a unique value proposition to NBAD that helps them to 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.”
For further information, please contact:
Deutsche Bank AG
Press & Media Relations
Phone: + 971 (0) 44283 860
National Bank of Abu Dhabi
Media & PR, Corporate Communication
Phone: +971 26111 190
Deutsche Bank AG
Press & Media Relations
Phone: +971 (0) 43611 754
Through our wide range of cash management, trade finance, trust and securities services, our Global Transaction Banking business helps companies all over the world to focus on achieving their business goals. Every day, in multiple locations, we process and clear domestic and cross-border payments, facilitate transactions for global trade and act as trustee, agent and custodian for clients. In transaction banking, the visibility we gain on our clients’ financial landscape puts us in a unique position to identify risks as well as opportunities for bottom line growth. By working in close partnership with the rest of the Bank, we help our clients optimise every opportunity.
The National Bank of Abu Dhabi (NBAD), the number one bank in the UAE, was incorporated in 1968 and is listed on the Abu Dhabi Securities Exchange (ADX), under stock code (NBAD). Ranked as one of the top 50 safest banks in the world since 2009, NBAD currently operates across 17 countries on five continents. NBAD has a network of 125 branches and more than 580 ATMs to provide banking services to customers all over the UAE. Besides brick & mortar branches, NBAD provides 24 hour internet banking access through NBAD iBanking, NBADOnline, the SMS-based payment service (Arrow) as well as account access and personalised customer support through its 24-hour Call Centre. NBAD provides its customers with a wide variety of financial services targeting all segments of the consumer and corporate markets.