In Saudi Arabia trust and honour are treasured values. That’s why it’s delicate, even close to offensive, to press your Saudi business partner for recent figures and results as proof of solvency. This posed quite a challenge to a French client, who received a request for a huge credit limit on a Saudi debtor with no recent antecedents.
This French client asked for an impressive credit limit of USD 50 million for his potential buyer in Saudi Arabia. He made an explicit demand : the credit insurer was under no circumstances to disclose his name. He didn’t want to harm his newly established business relationship in any way.
Risk underwriter Philippe Delignières took up the challenge. First Philippe approached the Saudi buyer. Bound by strict confidentiality, his veiled request for up-to-date financial figures met with a resolute ‘no’. A ‘no’ he did not want to pass on to his potential client.
So Philippe started drilling for other information sources. During his desk research he discovered that another client in the Credendo Group network was doing business with the Saudi buyer. The information he obtained while respecting any confidentiality agreements in place enabled Philippe to surprise his client with a solid proposal. It contained an approved credit limit of USD 45 million.