Barclays Replaced By National Bank of Fujairah On UAE Rate Panel

UK-based Barclays quit the panel in July.

National Bank of Fujairah will replace British lender Barclays PLC on the United Arab Emirates’ interbank rate setting panel, the banking regulator said on Thursday.

“Following the withdrawal of Barclays Bank from the Eibor fixing process, the National Bank of Fujairah was selected by the Eibor panel banks to join the Eibor panel, starting October 8 2012,” the statement said.

Sources told Reuters last month that NBF, the 11th-largest bank by market capitalisation in the UAE, would join the panel after the U.K.-based lender quit the panel in July.

The quotes from 12 banks are averaged to arrive at a daily range of Emirates Interbank Offered Rates (Eibor), which are used to price financial instruments in the Gulf’s top financial centre.