Emirates NBD
In recent years, Emirates NBD has evolved into the outward-looking full-service lender that Dubai – an outward-looking city with global aspirations of its own – needs.
Under the leadership of group chief executive Shayne Nelson, the financial institution has emerged as a genuine banking power in Asia, with branches in China, India and Singapore. In India alone, its corporate banking team is working with multinationals including Tata Group, Jindal Steel and construction firm Larsen & Toubro, providing a wide range of services such as funding, trade finance and cash management.
Its investment banking division, EmCap, has been busy across the region, and was involved in Asia-related capital markets transactions worth a total of $8.7 billion last year.
It was the only Middle East bank mandated to underwrite Singapore-based Puma Energy’s $1.37 billion syndicated loan in May, and it was lead arranger and bookrunner on Mercuria Energy’s $1.35 billion revolving credit facility, finalized in November.
Its debt capital markets team was also strong in 2018; the bank was a bookrunner on the sale of $200 million worth of five-year bonds by Indonesia’s Soechi Lines. And it helped Industrial and Commercial Bank of China to raise $1.4 billion via a dual-tranche print of three- and five-year floating-rate bonds, with Middle East-based investors accounting for 14% of ICBC’s three-year notes.
The bank’s underlying strength is visible in the broad sweep as well as the fine details. In 2018, Emirates NBD provided $1.8 billion worth of FX coverage for its clients in five Asian markets, including Sri Lanka, Pakistan and the Philippines, and finalized four derivatives transactions, worth $1.56 billion, for a single Singapore-based client. And it has quietly emerged as a supra-regional leader in trade finance, accounting for 14% of letters of credit by transaction volume passing between the UAE and Asia.