RIYADH, 21 November 2006 — SABB hosted a customer seminar in Riyadh last week, to highlight the latest developments in cash management and trade finance. Senior executives from HSBC Group were invited to speak about the fast changing developments in areas such as global Internet banking and invoice financing.
Participants were informed that while Saudi Arabia leads other GCC countries in awareness and infrastructure for effective cash management, local businesses are not widely using the products and services that are available. Efficient use of working capital is a priority for any corporate treasurer and banks can provide them the tools to better manage their liquidity and balance sheet. An example given was the use of Direct Debits instead of checks for collection of funds. Direct Debits offer a fast and automated method of collection as opposed to the manual process involved with checks.
“The objective of this seminar was to inform customers about hidden value in their balance sheets that could be unlocked with the right products,” Faisal Ansari, head of transaction banking, SABB, said.
The speakers also encouraged the participants to adopt best practices from around the world. As an associate of HSBC Group, one of the largest banking groups in the world, SABB has access to a worldwide pool of expertise that can benefit Saudi-based customers. Regionally, HSBC is represented in all the GCC countries and can provide trade and electronic banking services to customers who are expanding beyond the Kingdom.
