Business Desk :
City Bank Limited has won the Leading Partner Bank Award in Bangladesh for 2020 by Asian Development Bank (ADB) under their Trade and Supply Chain Finance Program (TSCFP) in recognition of highest number of transactions collaborated with ADB. The award was presented in a virtual award ceremony held on Wednesday. Over 200 partner bank representatives attended the ceremony where 25 banks were recognized in 20 categories, said a press release.
The awards were based on collaboration with ADB for the period from 1 July 2019 to 30 June 2020. During this period, City Bank has been the most active partner bank from Bangladesh, covering trade transactions of both small and large deals for corporate and SMEs. The Leading Partner Bank in Bangladesh title honors City Bank’s endeavors in strengthening capacity in trade finance, operational efficiency, financial health and risk management. Last year, City Bank also won the Momentum Award for highest growth in transactions partnered with ADB.
With support from ADB under TSCFP, City Bank has been able to engage with major international banks to avail extended trade lines and financing opportunities. This has improved trade finance capabilities of City Bank to support critical import transactions through continued flow of trade credit.
City Bank is also partnered with other Development Financial Institutions like International Finance Corporation, Islamic Development Bank Group, OeEB (The Development Bank of Austria), Norfund (Norway), FMO (Netherlands), etc. Through this extensive network, City Bank arranges guarantees against its trade deals and direct funding to support the transactions, extending its reach and capabilities.
ADB has partnered with over 200 banks under TSCFP to provide Asian companies with the support for import and export. During the pandemic, ADB has strengthened its support to the member banks in order to overcome the crisis.
