The support that SABB has given its corporate customers during these most difficult world economic times has been recognized with the award of one of the financial services industry’s most prestigious honours for the second year in succession.
SABB has been named Best Trade Finance Bank in Saudi Arabia 2010 by the highly influential international publication, Global Finance magazine.
Commenting on the awards worldwide, Joseph D. Giarraputo, publisher and president of Global Finance, said: “Global trade finance volume contracted sharply in 2009, to the extent that lack of financing was part of the reason for a decline in world trade. We have selected the banks [in each country] that stood by their customers during the credit crunch and found innovative ways to lower risk and speed cash flow from international transactions.”
In SABB’s case, customer support in 2009 was highlighted by the creation of the SABB Trade Academy, designed to train corporate customers in better managing and lessening the risks involved in international trade during financial crises. The year also saw SABB working closely with the International Finance Corporation in an innovative initiative to enable customers to continue to win business in very difficult overseas markets.
SABB Deputy Managing Director, Adel Al-Nasser, commented: “Customer care has been our priority throughout these difficult times and that means not only giving them the highest possible level of support but also offering innovative services to help them minimize risk while expanding their businesses. Relationships with corporate customers across our client base have strengthened as a result."
“We are delighted that the value of our trade finance service to businesses in the Kingdom continues to be recognized through this award for the second year running from the leading publication in this field, Global Finance.”
“Our staff can feel proud of this achievement of back-to-back awards. They are a strong acknowledgement of SABB’s efforts to help Saudi business meet the trade finance challenges posed in a difficult economic environment. Trade is the backbone of every economy and therefore we treat our trade finance customers with no less importance and are delighted to see them continuing to thrive in these difficult economic times.” He added.