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Commercial Bank of Dubai joins Emirates Development Bank to facilitate international trade

Commercial Bank of Dubai joins Emirates Development Bank to facilitate international trade
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Dubai – Mubasher: The listed Commercial Bank of Dubai (CBD) has teamed up with Emirates Development Bank (EDB) through a strategic partnership to enhance and facilitate international trade services, according to a press release.

The collaboration is expected to unlock new growth opportunities for businesses across the UAE by combining EDB's client base and financial operational capabilities with CBD's trade finance expertise.

Meanwhile, the strategic partnership between the two banks offers clients optimal support in mitigating risks and streamlining cross-border transactions while demonstrating both entities' dedication to driving innovation in several fields, including transaction banking, ultimately facilitating secure, efficient, and seamless global trade for UAE companies.

CEO of Commercial Bank of Dubai, Bernd van Linder, said: "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."

Upon the collaboration, CBD will provide EDB's clients with an integrated suite of trade finance products and operational services. This should empower businesses to expand their portfolios and excel in the field of international trade.

The initiative will offer services such as handling Letters of Credit and Guarantees along with supporting foreign currency payments.

CEO of Emirates Development Bank, Ahmed Mohamed Al Naqbi, said, "This partnership marks a significant milestone in enhancing our trade finance offering, supporting businesses across the UAE.”

Al Naqbi concluded: “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."

During the first quarter (Q1) of 2024, the UAE listed lender generated net profits of AED 700.98 million while its total income reached AED 1.37 billion.