The Saudi British Bank (SABB) and the Saudi Export-Import Bank (EXIM) have signed a documentary credit insurance policy agreement.
The agreement was signed during the 9e Saudi Annual Trade Finance Summit in Riyadh, by His Excellency Eng. Saad Alkhalb, CEO of EXIM, and Mr. Tony Cripps, Managing Director of SABB, in the presence of Mr. Majed Najm, Deputy Managing Director, Corporate and Institutional Banking at SABB. The deal will allow SABB to accept more documentary letters of credit and improve its relationship with international banks issuing LCs, as the insurance coverage helps increase opportunities for Saudi products to enter new markets. markets. In addition, the two banks have signed a memorandum of understanding to collaborate in the development of the export capacities and facilities of their clients.
In addition, SABB presented its perspective on developing the future of trade finance in Saudi Arabia at the 9th annual Saudi Trade Finance Summit. The summit, recognized as the most important trade finance industry event in the Kingdom, brings together CEOs, group CFOs, treasury managers and key government agencies. This year the theme was âResilience in Trade, Supply Chain and Cash Managementâ.
During the panel discussions, David Leslie, Managing Director of Global Trade and Accounts Receivable Finance at SABB, presented a keynote presentation titled âEnd-to-End Digitization of Trade Financeâ in which he highlighted improving efficiency, automation and risk mitigation through technological innovations, stressing the importance of digitization to accelerate growth. In addition to leveraging blockchain-based infrastructure to increase efficiency, reduce costs, and open new perspectives in trade finance.
SABB, as the leading trade finance bank in Saudi Arabia, attended the summit as a platinum sponsor and provided innovative input on building financial resilience strategies, developing trade finance tools, as well as on the laws and strategies that will contribute to Saudi Arabia’s growth. economy.
About Saudi British Bank (SABB):
Saudi British Bank (SABB) is a licensed financial institution subject to the supervisory control of the Central Bank of Saudi Arabia. SABB was incorporated in 1978G as a Saudi joint-stock company and is a subsidiary of HSBC Group.
SABB provides integrated financial and banking services, such as retail banking, investment and investment banking, private banking and treasury services. SABB’s paid-up share capital amounts to SAR 20.5 billion.
Â© Press release 2021