July 22, 2024

EDB And CBD Strategic Partnership To Propel International Trade

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Emirates Development Bank And CBD Forges Strategic Partnership To Propel International Trade wherein this collaboration will integrate 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
Emirates Development Bank (EDB) And Commercial Bank of Dubai (CBD) Forges Strategic Partnership To Propel International Trade-Image Source-Emirates Development Bank (EDB)

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

According to Industry sources, this partnership will integrate 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.

From L To R – His Excellency Ahmed Mohamed Al Naqbi, CEO of EDB And Dr. Bernd van Linder, CEO of CBD

Industry sources also added that the official signing ceremony took place at CBD’s Head Office in Dubai, attended by His Excellency Ahmed Mohamed Al Naqbi, Chief Executive Officer of Emirates Development Bank, and Dr. Bernd van Linder, Chief Executive Officer of Commercial Bank of Dubai.

Emirates Development Bank And CBD Forges Strategic Partnership To Propel International Trade

His Excellency Ahmed Mohamed Al Naqbi, Chief Executive Officer of Emirates Development Bank, stated, “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, Chief Executive Officer of Commercial Bank of Dubai, stated, “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.”

According to Industry sources, under the strategic partnership, 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. The core services include handling Letters of Credit and Guarantees along with supporting foreign currency payments, ensuring a seamless and efficient trading experience.

Industry sources also added that this partnership displays 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.

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