In this era of rapid technological evolution across all businesses, ABC Bank has made several digital enhancements to its enterprise products. The bank was named Bahrain’s Best Corporate Bank this year for these transformational initiatives, along with its involvement in a number of important regional transactions.
The domestic bank started onboarding digital corporate customers this year. The service will be available in 15 of the bank’s global divisions throughout 2022, allowing customers to open an account in less than eight hours, significantly faster than the industry average of 60 days.
The bank has also introduced improvements to its trading service offering. The company has launched the first module of its front-end channel for trade finance, a tool that enhances integration with import customers.
The first phase of the Trade Operations Hub project, which will enhance automation, has also been completed. In supply chain finance, banks’ back-end solutions were complemented with front-end customer interfaces, the ability for corporate customers to easily initiate letters of credit, guarantees, and collections.
ABC Bank’s major transactions include a $400 million dual-tranche syndicated term loan to Oman-based BankDhofar, a $75 million term loan facility to Kuwait Industrial Bank, and a $100 million term loan facility to Agricultural Bank of China. Includes arrangements.