The award recognised an underlying risk participation deal the ADB entered into with the Bank on a USD 25 million trade loan extended to state-owned People’s Bank.
Speaking on the recognition by the Asian Development Bank, Bingumal Thewarathanthri, Chief Executive Officer, Standard Chartered Sri Lanka, stated, “It is a privilege for Standard Chartered Sri Lanka to be awarded the Trade Finance Deal of the Year 2020 by the ADB, especially on a transaction intended for a purpose that is close to our hearts.
The award further strengthens our long-standing relationship with the ADB, which exclusively reached out to us in Sri Lanka for this deal.
At a time the COVID-19 pandemic is gripping the world, it is truly reflective of our promise ‘Here for good’, that we were able to facilitate this deal for People’s Bank to enable the State Pharmaceutical Corporation’s operations to purchase medical supplies to aid in the national initiative against COVID-19 and to benefit the people of Sri Lanka.”
The annual TSCFP Awards (formerly TFP Awards) follow a rigorous evaluation process undertaken independently.
The awards covered transactions from July 1, 2019 to June 30, 2020 and considered how ‘TFP’ the transaction was, by factoring in three main elements; Trade impact, Footprint and Partnership.
It evaluated the impact the transaction has had on the country, the role it plays in helping the client improve their business, and how the ADB’s Trade and Finance Programme contributed to the success of the transaction.
“The Trade Finance Deal of the Year 2020 award comes at a pivotal time for Standard Chartered Sri Lanka, when the Standard Chartered Group has committed to support partners working towards the elimination of COVID-19.
The significance of this transaction for People’s Bank, the State Pharmaceutical Corporation and the country is amply recognised by the ADB through this award,” stated Lakshan Goonetilleke, Head of Financial Institutions, Standard Chartered Sri Lanka commenting on the award-winning deal.
Standard Chartered Sri Lanka
Standard Chartered Sri Lanka is one of the oldest international banks in Sri Lanka, with more than 150 years of history with a presence in 59 of the world’s most dynamic markets, and serving clients in a further 85.
Standard Chartered Bank is a limited liability company registered under the laws of England and Wales by Royal Charter 1853, having a branch office in Sri Lanka - Reg. No. F3/B.
Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, Here for good.
We support both individual and corporate needs to build wealth and drive commerce at every step of their journey.
We do this by offering an entire range of financial services across Personal, Priority and Business Banking as well as our Commercial and Corporate Banking teams.