News

Emirates Development Bank, Commercial Bank of Dubai enter collaboration

Tuesday 18 June 2024 14:06 CET | News

Emirates Development Bank (EDB) and Commercial Bank of Dubai (CBD) have entered a strategic collaboration to improve international trade services. 

By merging EDB’s client base and financial operational capabilities with CBD’s trade finance expertise, the two banks intend to enhance international trade services and deliver additional growth opportunities for businesses operating across the UAE. As part of the strategic alliance, CBD is set to offer a suite of trade finance products and operational services to EDB’s clients.

EDB and CBD have entered a strategic collaboration to improve international trade services.

What are EDB and CBD’s plans?

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.

More: Link


Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: partnership, trade finance, banks, online banking, mobile banking, financial services, expansion
Categories: Banking & Fintech
Companies: Commercial Bank of Dubai, Emirates Development Bank
Countries: United Arab Emirates
This article is part of category

Banking & Fintech

Commercial Bank of Dubai

|

Emirates Development Bank

|
Discover all the Company news on Commercial Bank of Dubai and other articles related to Commercial Bank of Dubai in The Paypers News, Reports, and insights on the payments and fintech industry: