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 3rd consecutive year the bank has won the award. Prior to that, the bank won the ‘Momentum Award’ for achieving the highest growth in transactions partnered with ADB in 2019.
ADB announced the winners of the year 2022 in the presence of 150 partner bank representatives at a ceremony in Singapore recently.
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 there.
The award was conferred in recognition of highest number of transactions recorded in Bangladesh collaborating with ADB for the period between 1 July, 2021 and 30 June, 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 working with ADB under their TSCFP programme as Issuing Bank since 2016. ADB under their TSCFP programme provides guarantees and trade loans to partner banks supporting international trade.
The TSCFP works with more than 240 banks in ADB's developing member countries from Asia and the Pacific. A total of 16 banks in Bangladesh are members of ADB under this programme.
This year, City Bank won ‘The Best Issuing Bank in South Asia’ award by IFC under their Global Trade Finance Program too. 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), FMO (Netherlands), etc.
Through this extensive network, it arranges guarantees against its trade deals and direct funding to support the transactions, extending its reach and capabilities.