May 29 2011 |
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SHB, IFC in deal to boost Saudi SMEs
JEDDAH: Saudi Hollandi Bank ( SHB ), the Kingdom's first established bank, 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 Saudi Arabia.The IFC will provide SHB with finance advisory services for small and medium enterprises. SHB will work with the IFC to study and quantify the Kingdom's SME business segment and introduce credit policies, processes, products and services that will simplify the banking experience for small to medium businesses.
As part of this strategy, SHB executives will meet with existing SME customers to discuss their needs.The agreement between the two financial organizations was signed SHB 's Chairman Engr. Mubarak bin Abdullah Khafrah and Walid bin Abdul Rahman Al-Murshed, Principal, Middle East, North Africa, South Europe and IFC 's Head for Saudi Arabia at a ceremony attended by Saudi Hollandi 's managing director Dr. Bernd van Linder and senior executives from both parties at SHB office in Riyadh. Commenting on the agreement, the bank's chairman said: "This partnership will provide Saudi Hollandi Bank with the expertise and knowledge to make a real difference to our small and medium business customers."
Small and medium enterprises make up over ninety percent of businesses in Saudi Arabia and employ over eighty percent of the workforce. Yet the contribution of small to medium enterprises to the country's total GDP is low compared to other countries, at only thirty three percent total share of private sector gross product. As a leader in the Kingdom's banking sector we have to provide these companies, which are the engine of our economic growth, with the financial tools to succeed."
" 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," said Kaiser Naseem, Head of IFC 's Bank Advisory Services in the Middle East and North Africa.
"Building a diverse economy by supporting entrepreneurs in Saudi Arabia and across the Middle East is important for the region's long term sustainability and a key part of IFC 's long term plans for MENA." "Saudi Arabia is the largest market in the Gulf and a vital economic driver in the Middle East," Al-Murshed added.
"This agreement ... 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," he noted.
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