Friday 19 July 2024

EDB and CBD officials sign the partnership agreement

Top banks forge partnership to facilitate international trade

DUBAI, June 14, 2024

Emirates Development Bank (EDB), the key financial engine of the UAE economic development and industrial advancement, and Commercial Bank of Dubai (CBD), one of the leading banks in the UAE, have announced a strategic partnership aimed at enhancing international trade services.

This collaboration will combine EDB's extensive client base and robust financial operational capabilities with CBD's advanced trade finance expertise, unlocking new growth opportunities for businesses across the UAE.

The official signing ceremony took place at CBD's Head Office in Dubai, attended by Ahmed Mohamed Al Naqbi, Chief Executive Officer of Emirates Development Bank, and Dr Bernd van Linder, Chief Executive Officer of Commercial Bank of Dubai.

Under this strategic alliance, CBD will deliver a comprehensive suite of trade finance products and operational services to EDB's clients.

This initiative is designed to empower businesses to expand their portfolios and excel in the international trade arena.

Key services will include handling letters of credit and guarantees along with supporting foreign currency payments, ensuring a seamless and efficient trading experience.

Al Naqbi said: "We are pleased to partner with Commercial Bank of Dubai to offer innovative and comprehensive trade finance solutions.

“This partnership marks a significant milestone in enhancing our trade finance offering, supporting businesses across the UAE.

“By leveraging our combined expertise and resources, we are dedicated to forging strategic partnerships that will bolster the UAE's economic development and strengthen its position as a global hub for trade and investment."

Dr Bernd van Linder said: "We are delighted to join hands with EDB to embark on this journey that will bring new opportunities and growth for both of the organizations.

“This partnership highlights our shared vision of empowering businesses in the global trade landscape. Together, we will redefine standards and set new benchmarks for success."

This partnership signifies a critical advancement in the financial landscape of the UAE, positioning both EDB and CBD as leaders in facilitating international trade and economic competitiveness.

The collaboration allows EDB to leverage CBD's extensive network and processing capabilities, offering clients a broader range of benefits. Meanwhile, CBD stands to gain increased volumes of trade business, opening new revenue streams and enhancing fee income.

The strategic alliance between EDB and CBD strengthens their commitment to providing comprehensive support for UAE businesses engaged in international trade.

By combining EDB's expertise in trade finance and working capital solutions with CBD's robust financial capabilities, the partnership offers clients optimal support in mitigating risks and streamlining cross-border transactions.

This collaboration demonstrates both organisations' dedication to driving innovation in transaction banking, ultimately facilitating secure, efficient, and seamless global trade for UAE companies. – TradeArabia News Service



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