This noteworthy reiteration of Commercial Bank’s trade and finance contributions to the national economy came at the ADB’s 10th Trade and Supply Chain Finance Programme (TSCFP) Awards at Mandarin Oriental, Singapore.
The award recognises Commercial Bank’s achievement, with ADB assistance, of the highest number of transactions in Sri Lanka’s trade and supply chain finance domain between 1st July 2023 and 30th June 2024.
Commercial Bank was one of 31 banks that were recognised with 36 prestigious accolades at the ADB TSCFP Awards ceremony.
“The ADB is one of our most valued partners, and we greatly appreciate its contribution to making Commercial Bank one of the biggest facilitators of trade in Sri Lanka,” the Bank’s Assistant General Manager – Corporate Banking Mr B. A. H. S. Preena said.
“The ADB provides us with the tools, techniques and instruments that protect both buyers and sellers from trade-related risks, thereby supporting businesses that transact with one another.
This award underlines the success of our relationship in this sphere.”
Commercial Bank’s partnership with the ADB contributes to the growth of the Bank’s trade finance portfolio via increased credit lines, expanded relationships with correspondent banks, reduced cash collateral requirements, enhanced ability to maintain or attract new clients, critical support during times of crisis, low-risk access to new and challenging markets, expanded geographic coverage to service export clients and the ability to leverage existing country line and issuing bank limits.
Among the trade and supply chain finance related products and services offered by the Bank are documentary credit, issuing of letters of guarantee, providing expert advice on forward exchange contracts, document collection, providing shipping guarantees, marine insurance, and advance payments, and assistance with entrepot trade shipments.
Commercial Bank has also launched ‘Combank Trade Club’ – an ecosystem to stimulate business growth for the Banks’ trade customers and ‘Combank LEAP GlobalLinker’ – a comprehensive digital business ecosystem set up in collaboration with the IFC and Global Linker to expand networking opportunities for trade customers.
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 TSCFP programme works with over 200 international banks from more than 90 countries around the world.
Sri Lanka’s first 100% carbon neutral bank, Commercial Bank is the largest private sector bank in Sri Lanka and the first Sri Lankan bank to be listed among the Top 1000 Banks of the World.
The Bank is the largest lender to Sri Lanka’s SME sector, and is a leader in digital innovation in the country’s Banking sector.
Commercial Bank operates a strategically-located network of branches and 974 automated machines island-wide, and has the widest international footprint among Sri Lankan Banks, with 20 outlets in Bangladesh, a Microfinance company in Nay Pyi Taw, Myanmar, and a fully-fledged Tier I Bank with a majority stake in the Maldives.
Photo caption Commercial Bank’s Senior Manager Imports Department Ms Niroshinie Opatha accepts the ADB TSCFP award on behalf of the Bank.