The Financial Institutions Division is mainly responsible for the cross border exposure by establishing, monitoring and managing global network of bank lines and country limits through a number of correspondent relationships ensuring that sufficient limits and relationships have been established in favor of Bank Al Jazira in order to ensure smooth and timely execution of customers' transactions globally.
Their customers include Banks, Financial Institutions, Government & Semi-government Entities, Investment and Brokerage Firms, Insurance Companies and Export Credit Insurance Corporations.
The main functions of the Financial Institutions are summarized as follows:
- Responsible for allocating and monitoring cross border exposure.
- Establish strategic network of correspondent relationships and Nostro accounts based on business demand and growth.
- Open and manage Vostro & Nostro Accounts for Financial Institutions.
- Provide and promote Export Finance Solutions.
- Advise and confirm L/C’s in favor of Saudi exporters on behalf of foreign banks and issue counter guarantees on behalf of customers.
- Process inward payments received from our list of correspondent banks.
- Assist all business units in providing international network of correspondent relationships and providing third party services
Product & Services
- Vostro Account Services (Remittances, Hajj Drafts, Account maintenance, payments)
- SAR clearing activities including Foreign Exchange, Letters of Credit, Letters of Guarantees and SR Remittances.
- Bilateral Financing
- Direct Financing Facility to a borrower (Banks and NBFI's) with a specific purpose in SAR or USD
- Risk Participation Transaction
- Large size transaction which requires more than one bank to facilitate with portion acceptable to each bank on risk sharing basis.