ADB honours ComBank as leading partner bank
View(s):The Commercial Bank of Ceylon has been adjudged the Asian Development Bank (ADB)’s ‘Leading Partner Bank in Sri Lanka’ at the 2021 edition of its Trade and Supply Chain Finance Programme (TSCFP) Awards that recognise banks that support trade in Asia and the Pacific.
The award was conferred upon Commercial Bank for recording the highest number of transactions in the trade and supply chain finance sphere between July 1, 2020 and June 30, 2021. In this period, the bank, said in a media release, that it collaborated with the ADB for coverage of trade transactions of small and large deals for corporate and Small and Medium Enterprise (SME) clients.
Commercial Bank was recognised for its continuous efforts to increase its trade financing capacity, operational efficiency, financial health and risk management while strengthening customer relationships, improving service standards, delivering innovative solutions, and being resilient. Despite the many disruptions of the period, the bank achieved a stellar performance in 2020-2021.
The bank’s trade finance initiatives not only benefitted its clients and their beneficiaries but also enabled the country to gain international reputation by honouring presentations of Letters of Credit (LCs) even in the event of declared force majeure, the bank said.
Representatives of more than 200 partner banks participated in the virtually conducted TSCFP Awards ceremony at which 27 banks were recognised globally in 21 categories.
Commercial Bank entered into an Issuing Bank Agreement with ADB in February 2021 which empowered the bank to increase its credit lines, expand relationships with correspondent banks, reduce cash collateral requirements, enhance the ability to maintain and attract new clients, and provide critical support during times of crisis as an issuing bank of LCs.
Commenting on the bank’s approach to trade finance, Commercial Bank’s Managing Director/Group Chief Executive Officer S. Renganathan said: “Banks are undergoing a fundamental shift in financing trade; as the nature of trade evolves, Fin Techs and digital banks are eyeing global trade market share. However, conventional banks have an opportunity to re-invent their intermediary role to remain sustainable. The pandemic has reshaped many aspects of our business environment, compelling us to transform by seizing new opportunities to stay profitable.”
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