RIYADH: SABB has won one of the banking industry’s most prestigious awards for its remarkable success in helping Saudi businesses grow their cross-border trade.
The bank has been named “Best trade finance bank in Saudi Arabia, 2009,” by Global Finance magazine, considered a highly influential international publication.
The award follows an extraordinary year when SABB’s trade finance volumes grew 72 percent and its market share rose considerably. This record performance was strongly supported by SABB’s launch of a series of Islamic export financing products in 2008 to complement its existing portfolio of Shariah-compliant import financing tools as well as introducing dedicated Islamic trade processing systems. “This accolade further enhances SABB’s message to the marketplace when businesses are looking for a strong and reliable partner for their domestic and international trade needs,” SABB Deputy Managing Director Adel Al-Nasser said.
“Our pioneering move in radically enhancing our range of trade products and supply chain finance solutions answered a growing need in the market and we were able to capitalize on close customer relationships and by our worldwide association with HSBC. We are also able to provide customers with Shariah-compliant marine cargo insurance through SABB Takaful,” he added.