The Commercial Bank of Ceylon was recognized as Sri Lanka’s “Domestic Trade Finance Bank of the Year” at the Asian Banking and Finance (ABF) 2021 awards in the “Wholesale Banking Awards” category which honors banks that have successfully handled large transactions or launched innovative initiatives to deliver exceptional service to their clients.
This important distinction was awarded to Commercial Bank for its initiatives to strengthen customer relationships, improve service standards, deliver innovative solutions, and be resilient, resilient to disruption and emerging with exceptional performance over the years. the year under review, despite the debilitating effects of COVID-. 19 pandemic.
The Bank’s achievements in trade finance are highlighted by its performance related to key indicators, including market share (trade), turnover, income, trade credit facilities and loans. commercial obtained.
Commercial Bank’s product innovations contributing to the price include the launch of a new trade finance product with the discounting of Usance (or deferred) domestic letters of credit and playing a pivotal role in the design of a platform computer digital filtering. With the aim of providing innovative business solutions, the Bank also proposed and convinced regulators to accept electronic documents and made special arrangements to facilitate the clearance of licensed motor vehicles.
These innovations benefit not only the Bank’s business customers, but the country as well, as they help build international reputation by honoring letter of credit submissions, even in the event of force majeure, the Bank said.
In addition, the Bank facilitated business expansion projects with tailor-made business solutions to improve turnover and reduce financial costs and enabled a large-scale investment project through structured business terms. in a complex way. In the field of sustainable initiatives, it has also extended its support to a green project which has enabled a significant reduction in greenhouse gases.
Advanced business tools that helped the commercial bank win this award included Reimbursement Authority (RA) funding, discounting of national letters of credit under a special acceptance funding arrangement, and the assessment of the collection of DA invoices. With the aim of improving the services offered to this segment, the Bank used new, technically advanced and complex international trade tools, some of which had never been seen before in the Sri Lankan banking sector.
To further support its trade finance clients, the Bank also organized a series of training sessions for clients and staff with a view to improving the effectiveness and efficiency of trade transactions and improving the productivity of operations. business of the bank and customers.
In addition, as a member of the Global Trade Finance Program of the International Finance Corporation (IFC) and the Asian Development Bank (AfDB), the Commercial Bank, the most awarded bank in the country, was able to achieve better price while expanding its credit-based capacity. notes of “AA-“. The Bank maintains a global network of correspondent banks comprising more than 1,150 banks in more than 100 countries. Nostro banking covers more than 56 banks over 15 currencies. All of these factors contributed to obtaining the “Domestic Trade Finance Bank of the Year” award.
Recognized as a leading publication for banking and finance executives in Asia, Asian Banking and Finance magazine assesses the most outstanding practices and innovative strategies of the wholesale banking industry in Asia, as well as banks that distinguish themselves by products and revolutionary services in the field of retail banking despite the various challenges facing their sector.
All submissions for the awards were judged by a panel of reputable industry experts on the uniqueness, innovation, effectiveness, impact and vibrancy of the products and services presented, based on the nominations received. Only products and services launched within the past year could be registered. The Asian Banking and Finance Wholesale Banking Awards program was launched in 2012.
The first fully carbon neutral Sri Lankan bank, 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 agencies. machines in Sri Lanka. 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.