Arab Bank Named Best Trade Finance Bank in the Middle East and North Africa

Internationally acclaimed magazine, Global Finance, awarded Arab Bank the title of Best Trade Finance Bank in the Middle East and North Africa for the year 2010.  Arab Bank received this award because of its commitment to its customers and trade partners at a time when credit lines were dwindling, the caliber of professionals in the trade finance team and the innovations and solutions implemented during the year.
According to Mr. Abdel Hamid Shoman, Chairman and CEO of Arab Bank, “This award reaffirms our position as the leading trade finance provider in the Middle East and North Africa.” Mr. Shoman further elaborated, “Backing our trade finance operations is an unparalleled global network; this combined with our financial strength ensures we are always there for our customers.”
Due to the economic downturn in 2009, trade based businesses have seen tightening of credit.  Arab Bank’s commitment to its customers during this period came into play for this award. A spokesperson for Global Finance magazine explained, “We have selected the banks that stood by their customers during the credit crunch and found innovative ways to lower risk and speed cash flow from international transactions.”
Ms. Nadya Talhouni, Senior Vice President and Head of Cash Management and Trade Finance at Arab Bank commented about the current market situation, “Reports have indicated that trade between MENA and Asia has grown almost five times over the last 7 years exceeding the USD 500 billion level “Ms. Talhouni explained that Arab Bank has benefitted from these increased trade flows. Whether its oil related, agricultural products, or otherwise the MENA-Asia trade relationship is expanding, as well as inter-MENA relationships.  “Our expertise and physical presence extends through out the world to provide our customers with tailored solutions to best meet their needs.”
Ms. Talhouni concluded, “The reason we have been successful in this aspect is due to our vigilance. We are dynamic and sensitive to the needs of our customers. International trade is very complex and subject to a variety of risks, by staying ahead of the curve we can effectively help customers free up much needed resources and focus on their core business.”