Records highest number of trade & supply chain finance transactions for second successive year
The Commercial Bank of Ceylon was honoured as the Asian Development Bank’s (ADB’s) ‘Leading Partner Bank in Sri Lanka’ for the second consecutive year at the 2022 Trade and Supply Chain Finance Programme (TSCFP) Awards that recognise the contributions of leading partner banks to trade in Asia and the Pacific.
The award was presented to Commercial Bank for recording, with the ADB’s assistance, the highest number of transactions in Sri Lanka’s trade and supply chain finance domain between 1stJuly 2021 and 30thJune 2022.
Commercial Bank was among 25 banks that were recognised in 10 categories at the ADB TSCFP Awards ceremony held recently in Singapore.
Commenting on this prestigious accolade, Commercial Bank’s Chief Operating Officer Mr S. Prabagar said: “The ADB’s role as a provider of loans, technical assistance, grants and equity investments to promote social and economic development makes it an indispensable partner for Commercial Bank, which shares its commitment to promote prosperity and inclusivity. We are therefore greatly encouraged by the ADB’s recognition of the Bank as its leading partner in Sri Lanka.”
Commercial Bank is the largest private sector bank is Sri Lanka with a market share of over 18% in export businesses and 10% in import businesses. The Bank’s robust relationship with corporate clientele that routed trade transactions through the Bank, contributed towards winning this title. Additionally, Commercial Bank’s global corresponding banking network and the recognition earned by receiving numerous accolades from various international agencies, its ability to deliver trade instruments to any destination, innovative tailor-made trade finance solutions, expertise of trade staff, tech solutions in processing trade transactions, commitment to improving trade service standards, resilience in the face of the current financial crisis in the aftermath of the pandemic and the Bank’s financial stability were all factors considered for the accolade.
The Bank said the products and services such as establishing letters of credit, handling collection documents, open account transactions and advance payments, issuing foreign guarantees, shipping guarantees and advance documents, facilitating marine insurance, providing expert advice on export & foreign exchange transactions, travel & remittances and off-shore banking, processing entrepot trade shipments and digitalized access for SLPA,BOI,IECD and Sri Lanka Customs payments have strengthened its performance in the trade and supply chain finance sphere. The Bank also recently entered into a partnership with the National Chamber of Exporters of Sri Lanka (NCE) to create another platform to extend financial solutions to the country’s exporters.
The Asian Development Bank’s Trade and Supply Chain Finance Programme Awards are some of the most prestigious accolades in the banking and financial industry in Asia, presented to institutions that work passionately to foster economic growth through sustainability measures. The Awards recognise outstanding contributions of TSCFP partner banks that boost trade and supply chain finance in Asia and the Pacific. The TSCFP fills market gaps for trade finance by providing guarantees and loans to banks to support trade. Backed by its AAA credit rating, the programme works with partner banks to provide companies with the financial support they need to engage in import and export activities in Asia’s most challenging markets. TSCFP works with over 200 international banks from more than 90 countries around the world.
Sri Lanka’s first 100% carbon neutral bank, the first Sri Lankan bank to be listed among the Top 1000 Banks of the World and the only Sri Lankan bank to be so listed for 12 years consecutively, Commercial Bank operates a network of 268 branches and 940 automated machines in Sri Lanka. Commercial Bank is a leader in digital innovation in the country’s Banking sector. The Bank’s overseas operations encompass Bangladesh, where the Bank operates 19 outlets; Myanmar, where it has a Microfinance company in Nay Pyi Taw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.