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Emirates Development Bank & Commercial Bank of Dubai team to facilitate international trade

By Gloria Methri

June 17, 2024

  • Cross-Border Transactions
  • FinTech
  • International Trade Financing Services
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Commercial Bank of Dubai, Emirates Development Bank, International Trade Services, Trade Finance, FinTech, UAEEmirates Development Bank (EDB) and Commercial Bank of Dubai (CBD) have entered into a strategic partnership to enhance international trade services in the UAE.

This collaboration combines EDB’s extensive client base and robust financial operational capabilities with CBD’s advanced trade finance experties to create new growth opportunities for businesses across the country.

Under this strategic alliance, CBD will deliver a comprehensive suite of trade finance products and operational services to EDB’s clients. The initiative is designed to empower businesses to expand their portfolios and excel in the international trade arena. Some of the key services include handling Letters of Credit and Guarantees and supporting foreign currency payments, ensuring a seamless and efficient trading experience.

His Excellency Ahmed Mohamed Al Naqbi, Chief Executive Officer of Emirates Development Bank, said, “We are pleased to partner with Commercial Bank of Dubai to offer innovative and comprehensive trade finance solutions. This partnership marks a significant milestone in enhancing our trade finance offering and supporting businesses across the UAE. 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.”

Dr. Bernd van Linder, Chief Executive Officer of Commercial Bank of Dubai, said, “We are delighted to join hands with EDB to embark on this journey that will bring new opportunities and growth for both of the organizations. 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.”

The collaboration allows EDB to leverage CBD’s extensive network and processing capabilities, offering clients a broader range of benefits. Meanwhile, CBD stands to gain increased volumes of trade business, opening new revenue streams and enhancing fee income. By combining EDB’s expertise in trade finance and working capital solutions with CBD’s robust financial capabilities, the partnership offers clients optimal support in mitigating risks and streamlining cross-border transactions.

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