The bank, which has lived with eight years of negative rates in its home market of Denmark, is under growing political pressure to improve its business as the regulator and parliament lose patience with the string of scandals.
The collaboration is the latest in a series of strategic Fintech partnerships announced by Barclays over the last few years, with MarketFinance and Nimbla offering invoice financing and insurance products to thousands of Barclays Business Banking clients.
he stock of Riyadh-based Saudi Fransi rose as much as 1.9% to 32.80 riyals, adding to gains of 0.6% on Sunday, when details of the transaction were first reported.
Mr Gill commented it had “long been” part of the understanding between a client, broker and lender that once an application was submitted, the rate and terms were “secured”.
The release explained that at the time Deutsche Bank processed the transaction for the oil company, it “had reason to know” of this designation, given that it “closely coincided” with the date in which it was listed.