Emirates Development Bank (EDB) and Commercial Bank of Dubai (CBD) have entered into a strategic partnership aimed at enhancing international trade services.
This collaboration will combine 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.
Under this strategic alliance, CBD will deliver a comprehensive suite of trade finance products and operational services to EDB’s clients.
Further, this initiative is designed to empower businesses to expand their portfolios and excel in the international trade arena. Key services will include handling Letters of Credit and Guarantees along with supporting foreign currency payments, ensuring a seamless and efficient trading experience.
Ahmed Mohamed Al Naqbi CEO – EDB
“We are pleased to partner with the Commercial Bank of Dubai to offer innovative and comprehensive trade finance solutions. This partnership marks a significant milestone in enhancing our trade finance offering and 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, said that, “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 the statement, this partnership signifies 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 strategic alliance between EDB and CBD strengthens their commitment to providing comprehensive support for UAE businesses engaged in international trade.
Further, 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.
