News 2009

Dec 2009

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Samba and Deutsche Bank Sign Collaborative Agreement for Account Services

Samba Financial Group today announced that they have signed a bilateral Agreement with Deutsche Bank, enabling Samba to provide its corporate customers extended banking services across the world, leveraging Deutsche Bank's highly scalable cash management product suite.

The Agreement was formally signed by Mr. Eisa M. Al Eisa, Managing Director and CEO of Samba Financial Group and Mr. Werner Steinmueller, Global Transaction Banking Head for Deutsche Bank (DB) in Riyadh. As a result of the agreement, Samba's corporate clients will be able to open accounts seamlessly with Deutsche Bank around the world, thereby providing them with extended geographical reach through Deutsche Bank's comprehensive global account services. Importantly, Samba's clients will be able to perform their banking transactions relating to such accounts both online and real time through SambaAccess, Samba's advanced internet banking solution for corporate customers. The Agreement also enables DB corporate clients to open accounts with Samba and perform their transactions relating to such accounts efficiently. This will streamline and expedite client account operations and transactions of both institutions.

Commenting on the agreement, Mr. Eisa M. Al Eisa, Managing Director and CEO of Samba Financial Group said, "This will give our customers access to innovative banking solutions and options, a need recognized under the rapid global growth in corporate banking and investment activities, coupled with the openness of financial markets". He added, "This collaboration is a good example of applying innovative concepts of service to satisfy client needs, without the need to open more conventional branches. Thanks to the new channels of account management that will become available, we are able to offer customers the same degree of quality and speed they are accustomed to, but now on a global level."

Mr. Werner Steinmueller, Head of Global Transaction Banking Head at Deutsche Bank, said, "We are delighted to have reached this agreement which is beneficial to both parties. We view this as a perfect opportunity to enhance relationships with highly valued clients such as Samba. It clearly demonstrates our commitment to developing new and innovative business models together with our clients to open up further business opportunities."