Emirates Development Bank and Commercial Bank of Dubai ink trade deal

Emirates Development Bank (EDB) and Commercial Bank of Dubai (CBD) have inked a new deal aimed at enhancing international trade services.

This collaboration will combine EDB’s client base and financial operational capabilities with CBD’s advanced trade finance expertise, and will aim to unlock new growth opportunities for businesses across the UAE.

The official signing ceremony took place at CBD’s Head Office in Dubai, attended by His Excellency Ahmed Mohamed Al Naqbi, Chief Executive Officer of Emirates Development Bank, and Dr. Bernd van Linder, Chief Executive Officer of Commercial Bank of Dubai.

As part of the deal, CBD will deliver a suite of trade finance products and operational services to EDB’s clients. Key services will include handling Letters of Credit and Guarantees along with 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, “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.”

The collaboration is part of a commitment by both firms to drive innovation in transaction banking and facilitate secure, efficient, and seamless global trade for UAE companies.