The Saudi British Bank has been recognized by Euromoney as the “Best Trade Finance Service Provider” and “Market Leader” in Saudi Arabia for 2023. This is the seventh successive year that SABB has been awarded as the market leader, widely recognizing SABB as the preeminent trade finance bank in the Kingdom.
The awards are based on a survey by Euromoney, where Saudi corporates have recognized SABB as the market leader within the trade finance space. The survey takes into consideration corporates’ view on their banks’ ability in providing trade finance products, solutions, quality of services and market share.
In 2022, SABB continued its focus on client experience, digitization, and the development of trade opportunities for clients, offering a range of digital initiatives, including a newly launched digital trade solutions package aimed at enhancing letter of credit and guarantee procedures for enterprises’ international business operations by cooperating with blockchain-based digital platform Contour and local fintech Bwatech. SABB is also the first bank in the Kingdom to complete an international trade transaction via blockchain technology, reducing risk and paper in the industry and ultimately increasing the velocity of trade and liquidity in the market
Commenting on the awards, Yasser Albarrak, chief corporate and institutional banking officer, said: “We are delighted to be winning these awards, which highlight our leading position and excellence in providing innovative solutions that meet the growing and diverse needs of our customers in a market that is witnessing rapid growth at various levels. These awards are based on a customer satisfaction survey, which is a testament to our successful approach in providing products and services in trade finance and proving that it is widely accepted by customers.”