Records the highest number of trade and supply chain finance transactions for the second consecutive year
Commercial Bank of Ceylan has been honored for the second consecutive year as the Asian Development Bank (ADB) ‘Premier Partner Bank in Sri Lanka’ at the 2022 Trade and Chain Finance Program Awards. (TSCFP) that recognizes the contributions of leading trade partner banks in Asia and the Pacific.
The award was given to the Commercial Bank for recording, with AfDB assistance, the highest number of transactions in Sri Lanka’s trade and supply chain finance between 1st2021 and July 30eJune 2022.
Commercial Bank was among 25 banks that were recognized in 10 categories at the ADB TSCFP awards ceremony held recently in Singapore.
Commenting on this prestigious accolade, Commercial Bank’s Chief Operating Officer, MS Prabagar, said: “AfDB’s role as a provider of loans, technical assistance, grants and equity investments to promote social development and economic makes it an indispensable partner for the Commercial Bank, which shares its commitment to promoting prosperity and inclusiveness. We are therefore very encouraged by AfDB’s recognition of the Bank as its main partner in Sri Lanka.
Commercial Bank is the largest private sector bank in Sri Lanka with a market share of over 18% in export businesses and 10% in import businesses. The Bank’s strong relationship with corporate clients who routed business transactions through the Bank contributed to earning this designation. In addition, Commercial Bank’s global correspondent banking network and deserved recognition by receiving numerous accolades from various international agencies, its ability to deliver trade instruments to any destination, innovative tailor-made trade finance solutions, l expertise of commercial staff, technological solutions in commercial transaction processing, commitment to improving commercial service standards, resilience in the face of the current financial crisis in the aftermath of the pandemic and the financial stability of the Bank have all been taken into account for this distinction.
The Bank stated that products and services such as establishment of letters of credit, management of collection documents, open account transactions and advance payments, issuance of foreign guarantees, shipping guarantees and advance documentation, facilitation of marine insurance, provision of expert advice on export and foreign exchange transactions, travel & remittances and offshore banking, processing of commercial shipments between warehouses and digitalized access for SLPA, BOI, IECD and Sri Lanka Customs payments have enhanced its performance in trade finance and supply chain. The Bank has 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 exporters in the country.
The Asian Development Bank’s Trade and Supply Chain Finance Program Awards are among the most prestigious honors in banking and finance in Asia, given to institutions that work with passion 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 market gaps for trade finance by providing guarantees and loans to banks to support trade. Backed by 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 business in Asia’s most challenging markets. TSCFP works with over 200 international banks from over 90 countries around the world.
The first 100% carbon neutral bank in Sri Lanka, the first Sri Lankan bank to be listed among the world’s top 1000 banks and the only Sri Lankan bank to be so listed for 12 consecutive years, 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 industry. The Bank’s overseas operations include Bangladesh, where the Bank operates 19 outlets; Myanmar, where he owns a microfinance company in Nay Pyi Taw; and the Maldives, where the Bank has a fully-fledged Tier I bank with majority ownership.
Photo caption: Commercial Bank Imports Manager, Mr. Prasad Fernando (far left) with the Asian Development Bank TSCFP award for 2022.