National Bank of Fujairah (NBF) has formed a partnership with Commerzbank International SA targeting customers in the Middle East.

The strategic link-up seeks to combine Commerzbank's gold trading strength in the global gold and silver markets with National Bank of Fujairah's growing client base.

"The alliance will cover a broad range of gold-linked financial products such as gold loans, unfixed gold, metal transfers, metal trust receipt loans, metal call accounts, local as well as international physical deliveries, fineness swaps, gold deposits, forward swaps, melting and refining, Gold FRA, Gold IRS, Comex EFP, different sizes and fineness of bars and ingots," the bank said on Thursday.

"Tailormade hedging strategies will also be made available to clients within the region."

Asad Ahmed, deputy general manager, stated: "NBF has had a very cordial relationship with Commerzbank for many years and this has given both parties the confidence and comfort to enter this alliance."

Commerzbank ranks among the top five global players in the gold business with annual turnover in physical gold alone now exceeding $2.5 billion.

The operation, which includes a shareholding in Argor-Heraeus SA, a Swiss-based gold refinery, is headquartered in Luxembourg with offices in Luxembourg, New York and Singapore thereby spanning all time zones.

Ralf Kreikenbaum, senior vice president - global head precious metals, Commerzbank, said: "Commerzbank has a long-term commitment to the precious metals business in the Middle East and Asia and we are pleased to link up with the National Bank of Fujairah in the GCC region."