China EXIM Bank and the National Bank of Saudi Arabia successfully implemented the first loan cooperation
Recently, the Export-Import Bank and the National Bank of Saudi Arabia (hereinafter referred to as the National Bank of Saudi Arabia) have successfully implemented the first RMB loan cooperation, and the loan funds will give priority to meeting the capital needs of the China-Saudi Arabia trade project. The launch of this business is the first cooperation between the Export-Import Bank and a Saudi financial institution.
This business is a concrete manifestation of the Exim Bank’s implementation of the "Comprehensive Strategic Partnership Agreement between the People's Republic of China and the Kingdom of Saudi Arabia" signed during President Xi Jinping's visit to Saudi Arabia in December 2022. The first RMB loan cooperation between the Export-Import Bank and financial institutions in the Arab countries will help give full play to the role of policy-based finance, promote financial integration and unimpeded trade among countries along the “Belt and Road”, and achieve mutual benefit and win-win results.
The National Bank of Saudi Arabia is the largest bank in Saudi Arabia. At the end of 2022, its total assets accounted for 29% of the assets of the local banking industry. It is one of the most influential state-owned commercial banks in the Arab countries.
Arab National Bank was established in 1979 and is headquartered in Riyadh, Saudi Arabia. It offers a full range of business and investment banking services, in addition to specialized services in the areas of heavy equipment leasing and home finance. The Arab National Bank has regional offices in Jeddah and Khobar, and a branch in London. It serves approximately 2 million customers through 95 branches and has approximately 4,400 employees. Arab National Bank operates retail banking, corporate banking, treasury banking, investment and brokerage, among other businesses.
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