21st February 2006
NBF inaugurates new Musaffah Branch

National Bank of Fujairah (NBF) has inaugurated its first branch in the Musaffah area of Abu Dhabi. The expansion comes after NBF recently announced their move into the retail banking market and the subsequent launch of the bank’s new corporate identity.

H.H. Sheikh Saleh Bin Mohammed Al Sharqi, NBF Chairman, said: “NBF has built a solid foundation to now be able to strategically move into the retail banking space. The opening of our Musaffah branch is a part of our plan which was set in motion over a year ago, and we plan to have a total of 12 branches across the country by end of 2006.”

In the events leading up to the opening of the new branch, NBF announced a 1 to 100 share split, launched its new corporate logo and brand and announced record earnings for 2005 with net income up 40% to AED 175 million. NBF shares are listed on the Abu Dhabi Securities Market.

“We are very happy to inaugurate our seventh branch in the United Arab Emirates in the Musaffah area to provide smart banking solutions to the population in the surrounding areas,” said Asad Ahmed, NBF General Manager. “This branch inauguration is another positive step towards delivering on the plans approved by the Board of Directors.”