Euromoney Named SABB As Market Leader In Trade Finance In Saudi Arabia
As per the recent news, Euromoney has named Saudi British Bank (SABB) as the “Best Trade Finance Service Provider” and “Market Leader” in Saudi Arabia for 2023. This is the 7th successive year when SABB has reaped the award as the market leader, widely acknowledging SABB as the leading trade finance bank in the Kingdom.
This recognition is based on a survey by Euromoney, where Saudi corporates have acknowledged SABB as the market leader within the trade finance sector. The survey takes into account corporates’ opinions on their banks’ capacity in facilitating trade finance instruments, solutions, quality of services, and market share.
In 2022, SABB proceeded with its emphasis on the client experience, digitization, and the development of trade potential for clients, providing a range of digital endeavors, including a newly introduced digital trade solutions package focused on improving letter of credit, and assurance system for firms’ global business procedures by collaborating with blockchain-based digital platform Contour and regional fintech Bwatech. SABB is also the first bank in the kingdom to execute an international trade transaction via blockchain technology, preventing risk and paper in the sector and effectively increasing the speed of trade and liquidity in the market.
Remarking on the awards, Yasser Albarrak, chief corporate and institutional banking officer stated, “We are glad to be honored with these awards, which reflect our leading position, and distinction in offering innovative solutions that cater to the increasing and diverse requirements of our clients in a market that is experiencing developing growth at several levels. These awards are determined by a customer satisfaction survey, which is evidence of our effective approach in offering products and services in trade finance that is broadly acknowledged by clients.”