The Saudi British Bank and the Saudi Export-Import Bank signed an insurance policy agreement to enhance dealings with international banks. The agreement was signed during the 9th Annual Saudi Trade Finance Summit in Riyadh. It will allow SABB to accept more documentary letters of credit, according to the bank’s press release. The two banks also signed a memorandum of understanding to enhance export capabilities of their clients. The agreement was signed during the 9th Annual Saudi 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 agreement will allow SABB to accept more documentary letters of credit and enhance its dealings with international banks issuing LCs, as insurance coverage contributes to increasing opportunities for Saudi products to enter new markets. In addition, the two banks inked a memorandum of understanding (MoU) to collaborate in developing export capabilities and facilities to their clients.
SABB, as the leading Trade Finance bank in Saudi Arabia attended the summit as a platinum sponsor and provided groundbreaking input on building financial resilience strategies, developing trade finance tools, as well as discussing laws and strategies that will contribute to the growth of the Saudi economy. Saudi British Bank (SABB) is a financial institution licensed and subject to the supervision control of the Central Bank of Saudi Arabia. SABB was incorporated in 1978G as a Saudi joint stock company, and it is an affiliate of HSBC Group. SABB provides integrated financial and banking services, such as retail banking, corporate and investment banking, private banking, and treasury services. SABB’s paid-up share capital is SAR 20.5 billion.