NBB, Saudi EXIM join hands

TDT | Manama                                                

The Daily Tribune – www.newsofbahrain.com     

The National Bank of Bahrain (NBB) has signed a Memorandum of Understanding with Saudi EXIM– Saudi Export-Import Bank tasked with promoting the development and diversification of Saudi exports.

The agreement between both banks will help facilitate trade flows between Saudi Arabia and other countries.

The signing ceremony was held at Saudi EXIM Head Office in Riyadh, in the presence of a number of representatives from both entities. NBB said will offer competitive financing rates to Bahraini companies importing goods from Saudi Arabia.

NBB’s Saudi-based clients will also be able to export their products through the provision of guarantees, credit insurance and more. Saad Abdulaziz Alkhalb, CEO of Saudi EXIM Bank, said: “The MoU aligns with the bank’s role to empower Saudi exporters through strategic partnerships and bolster non-oil-based activities in the Kingdom.”

Mansour A. Alsaghayer, CEO of NBB KSA, said: “We are confident that our partnership with Saudi EXIM Bank will lay the groundwork for a fruitful collaboration between our neighbouring countries.

The financing scheme will also offer our Saudi-based clients trade solutions designed to boost exports in developing markets.”Vineet Munot, Head of Transaction Banking at NBB, said: “Our collaboration with Saudi EXIM Bank will enable NBB to provide value-added trade solutions to our Client base. By leveraging on the leading industry position of both organisations, we hope to establish further business opportunities to develop trade flows in the region and beyond.”