AfDB honors ComBank as lead partner bank for trade and supply chain finance – adaderana biz english
The Commercial Bank of Ceylon was named the Asian Development Bank (ADB) ‘s Senior Partner Bank in Sri Lanka (ADB) during the 2021 edition of its Trade and Supply Chain Finance Program (TSCFP) which rewards banks that support trade in Asia and the Pacific. .
The award went to Commercial Bank for recording the highest number of trade finance and supply chain transactions between 1st and July 30, 2020e June 2021. During this period, the Bank collaborated with the ADB for the coverage of small and large business commercial transactions for enterprises and small and medium enterprises (SMEs).
Commercial Banking has been recognized for its continued efforts to increase its trade finance capacity, operational efficiency, financial health and risk management while strengthening customer relationships, improving service standards, providing solutions. innovative and resilient. Despite the many disruptions during the period, the Bank achieved exceptional performance in 2020-2021.
The Bank’s trade finance initiatives have not only benefited its clients and their beneficiaries, but also enabled the country to gain an international reputation by honoring letter of credit (LC) submissions even under force majeure. declared, said the Bank.
Representatives from over 200 partner banks participated in the virtual TSCFP awards ceremony where 27 banks were recognized worldwide in 21 categories.
The Commercial Bank entered into an issuing bank agreement with the ADB in February 2021, which enabled it to increase its credit lines, expand its relationships with correspondent banks, reduce cash collateral requirements, improve the ability to retain and attract new customers and provide critical support during periods. crisis as an issuing bank of LC.
Commenting on the Bank’s approach to trade finance, Mr. S. Renganathan, Managing Director / Managing Director of the Commercial Bank Group, said: “Banks are undergoing a fundamental change in trade finance; As the nature of commerce evolves, Fin Techs and digital banks are aiming for global market share. However, conventional banks have the possibility of reinventing their role of intermediary to remain sustainable. The pandemic has reshaped many aspects of our business environment, forcing us to transform ourselves by seizing new opportunities to remain profitable. As the benchmark commercial bank in Sri Lanka, Commercial Bank believes that banks can dominate global commerce with a clear strategy for business transformation, digitalization, effective capital management, next generation compliance and data analysis.
The Asian Development Bank’s Trade and Supply Chain Finance Program Awards are among the most prestigious honors in the banking and financial sector in Asia, awarded to institutions that work passionately to foster economic growth through to sustainability measures. The awards recognize the outstanding contributions of TSCFP partner banks that drive trade and supply chain finance in Asia and the Pacific. The TSCFP fills the market gap for trade finance by providing guarantees and loans to banks to support trade. With its AAA credit rating, the program works with partner banks to provide businesses with the financial support they need to engage in import and export activities in Asia’s most challenging markets.
The first Sri Lankan bank to be 100% carbon neutral, the first Sri Lankan bank to be among the 1000 best banks in the world and the only Sri Lankan bank to be so for 11 consecutive years, Commercial Bank operates a network of 268 branches and 931 automated machines in Sri Lanka. Commercial Bank is Sri Lanka’s largest SME sector lender and a leader in digital innovation in the country’s banking sector. The Bank’s overseas operations include Bangladesh, where the Bank operates 19 outlets; Myanmar, where he has a microfinance company in Nay Pyi Taw; and the Maldives, where the Bank has a fully-fledged Tier I bank with majority ownership.