May 29 2011 |
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Saudi bank deal boon for SMEs
RIYADH: Saudi Hollandi Bank ( SHB ) has partnered with the International Finance Corporation to support small to medium businesses in Saudi Arabia.It has entered into an agreement with the IFC ( International Finance Corporation ), a member of the World Bank, to provide a wide range of services to small and medium-sized enterprises (SMEs) in the Kingdom.
The IFC will provide SHB with finance advisory services for small and medium enterprises.
As part of this strategy, SHB executives will meet with existing SME customers to discuss their needs.
SHB Managing Director Bernd van Linder and senior executives from both sides were also present at Saudi Hollandi's head office in Riyadh where the deal was signed.
"There's no doubt that the future of business banking is with small to medium businesses," said Bernd van Linder.
The bank chairman said the partnership will provide SHB with the expertise and knowledge to make a real difference to our small and medium business customers.
Kaiser Naseem, head of IFC 's bank advisory services in the Middle East and North Africa, said: " SHB has already made good progress in developing its small business banking operations and IFC welcomes the opportunity to work together to build an even stronger pipeline for the future."
IFC 's Walid bin Abdul Rahman Al-Murshed said: "Saudi Arabia is the largest market in the Gulf and a vital economic driver in the Middle East."
He said the deal will be an important step to create financial products and solutions that will open growth opportunities for small and medium-sized businesses.
"We will pass on our experience, know-how, and knowledge to SHB , who in turn will be able to develop innovative finance tools, mechanisms and systems for what is the largest business segment in the country."
© Arab News 2011
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