Business Desk :
City Bank has been awarded the ‘Leading Partner Bank in Bangladesh’ in Trade and Supply Chain Finance Program (TSCFP) awards 2022 by Asian Development Bank (ADB).
This is for the third consecutive year the bank has won it. Prior to that, in 2019, the bank won the ‘Momentum Award’ for achieving the highest growth in transactions partnered with ADB, reads a press release.
ADB announced the winners of the year 2022 with a presence of 150 partner bank representatives at a ceremony held in Singapore recently where Hasan Sharif Ahmed, executive vice president and head of Financial Institutions of City Bank received the award from Steven Beck, head of Trade and Supply Chain Finance, Asian Development Bank.
This prestigious award was conferred in recognition of the highest number of transactions recorded in Bangladesh collaborating with ADB for the period July 1, 2021 to June 30, 2022.
In this period, City Bank has collaborated with ADB for coverage of trade transactions of small and large deals for corporate and SME clients.
City Bank has been participating with ADB under their TSCFP program as Issuing Bank since 2016.
ADB under their TSCFP program provides guarantees and trade loans to partner banks supporting international trade.
The TSCFP works with over 240 banks in ADB’s developing member countries in Asia and the Pacific.
In Bangladesh total of 16 banks are members of ADB under this program.
This year City Bank also won the ‘The Best Issuing Bank in South Asia’ award by IFC under their Global Trade Finance Program.
The bank has also partnered with other DFIs like Islamic Development Bank Group, OeEB (The Development Bank of Austria), BII (British International Investment), Norfund (Norway), and FMO (Netherlands).
Through this extensive network, it arranges guarantees against its trade deals and direct funding to support the transactions, extending its reach and capabilities.
