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.”