SABB
Trade between Saudi Arabia and Asia is growing fast, benefiting companies and lenders alike. This relationship has for years been a unidirectional process, driven by rising demand for oil in energy-poor countries such as Japan, South Korea and China.
But as the Kingdom opens up to the world, putting its vast wealth to work by building new cities and listing state assets on local and foreign bourses, the relationship looks set to flourish, while becoming more equal and balanced.
A few lenders aim to profit from this process, and none more so than SABB. The Riyadh-based lender is a leader in its field, being the first Saudi financial institution to open a dedicated China desk in 2010, a decision that “made SABB the first point of contact” for mainland corporates entering the Kingdom, the bank says.
“This is the first such initiative by a Saudi bank to encourage bilateral trade,” the bank adds.
A dedicated Korean desk followed four years later, geared toward serving the local needs of Korea’s heavy manufacturers and consumer brands. SABB was also the first Saudi bank to roll out renminbi-denominated international settlement services, and to meet clients’ renminbi transaction banking and cash management needs.
In recent years, the bank has led a number of roadshows to demonstrate its capabilities and to educate clients about the growth and long-term benefits of using the Chinese currency as a tender in international trade.
SABB’s network and connections across Asia will only grow, and it is a worthy winner of this award.