Saudi Arabia-based Samba Financial Group has signed a bilateral agreement with Deutsche Bank, reported AME Info. As a result of the agreement, Samba’s corporate clients will be able to open accounts with Deutsche Bank around the world, leveraging Deutsche Bank’s cash management product suite and global account services.
The Agreement also enables DB corporate clients to open accounts with Samba and perform their transactions relating to such accounts. Samba claimed that the agreement will streamline and expedite client account operations and transactions of both institutions.
Eisa Al Eisa, MD and CEO of Samba Financial Group, said: “This will give our customers access to innovative banking solutions and options, a need recognized under the rapid global growth in corporate banking and investment activities, coupled with the openness of financial markets.
“This collaboration is a good example of applying innovative concepts of service to satisfy client needs, without the need to open more conventional branches. Thanks to the new channels of account management that will become available, we are able to offer customers the same degree of quality and speed they are accustomed to, but now on a global level.”
Werner Steinmueller, head of global transaction banking at Deutsche Bank in Riyadh, said: “We are delighted to have reached this agreement which is beneficial to both parties. We view this as a perfect opportunity to enhance relationships with highly valued clients such as Samba. It clearly demonstrates our commitment to developing new and innovative business models together with our clients to open up further business opportunities.”
