Saudi British Bank, SMEs Bank sign pact for joint financing programme

The Saudi British Bank (SABB) and the Small and Medium Enterprises Bank have agreed to collaborate for a joint financing programme.

According to a press release, the agreement came on the sidelines of the inauguration of the Small and Medium Enterprises Bank in Riyadh.

The shared objective of the agreement is to enable micro, small, and medium enterprises (MSMEs) across the Kingdom attain financing and banking services and work towards bridging the financing gaps.

Under this, SABB will provide access to its existing infrastructure, customer base, operational systems, and programme financing portfolio department for facilitating direct financing to MSMEs.

It will also aid these enterprises with the required financing and banking products that contribute to the growth and development of their businesses. These include microfinance, working capital financing, term financing, credit cards, e-shop financing, and revolving credit limit financing, the statement added.

Yasser Al-Barrak, CEO of Corporate and Institutional Banking of SABB, and Mazen bin Ahmed Al-Ghunaim, CEO of the Small and Medium Enterprises Bank, signed the agreement in the presence of senior executives from both sides.

“This initiative is a pioneering step to encourage and strengthen the small and medium enterprise sector, which is a vital engine for economic growth," Yasser Al-Barrak said.

"This agreement will also enable SABB to continue supporting and empowering the SME sector, as well as providing the best financing solutions to meet these businesses' needs and help them reach their investment and development goals in order to realise the objectives of the Kingdom's Vision 2030," he added.

Established in 1978 as a Saudi joint stock company, Saudi British Bank (SABB) is a licenced financial institution functioning under the supervision and control of the Saudi Central Bank. It offers integrated financial and banking services, including personal banking, corporate banking, private banking, as well as investment and treasury services.