Emirates Development Bank, Commercial Bank of Dubai enter collaboration

The decision to enter this partnership can be attributed to both banks’ commitment to enabling businesses to expand their portfolios and improve their capabilities in the international trade sector. Some of the main services that EDB and CBD plan to offer include managing Letters of Credit and Guarantees together with assisting foreign currency payments and ensuring a simplified and efficient trading experience.

Moreover, representatives from EDB underlined that the collaboration with CBD is set to deliver improved and comprehensive trade finance solutions, with the move marking an advancement in the enhancement of the bank’s trade finance offering. By utilising their merged expertise and resources, EDB and CBD intend to enter strategic partnerships that can expand the UAE’s economic development and solidify its position as a hub for trade and investment. In addition, officials from CBD highlighted that the collaboration underlines the two banks’ commitment to enabling businesses operating in the global trade landscape.

Also, the collaboration between EDB and CBD is set to advance the financial landscape of the UAE, whilst improving the banks’ position in facilitating international trade and economic development. Besides enabling EDB to utilise CBD’s network and processing capabilities and delivering its clients a broader range of benefits, the partnership allows CBD to receive expanded volumes of trade business and new revenue streams.