ADB names ComBank its ‘Leading Partner Bank’ in Sri Lanka for 3rd year
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Commercial Bank’s Head of Exports Lawrian Somanader accepts the ADB TSCFP award on behalf of the bank.
The Commercial Bank of Ceylon has once again been declared the Asian Development Bank’s (ADB’s) ‘Leading Partner Bank’ in Sri Lanka for trade and finance transactions, in a significant reaffirmation of the bank’s contributions in that sphere to the national economy.
This is the third consecutive year that Commercial Bank has been honoured with this title at the ADB Trade and Supply Chain Finance Programme (TSCFP) Awards that recognise the contributions of leading partner banks to trade in Asia and the Pacific. The 2023 awards ceremony took place in Singapore at Jen Singapore Tanglin by Shangri-La, the bank said in a media release.
The award was presented to Commercial Bank for recording, with the ADB’s assistance, the highest number of transactions in Sri Lanka’s trade and supply chain finance domain between 1st July 2022 and 30th June 2023. Commercial Bank was among 25 banks that were recognised in 15 categories at the ADB TSCFP Awards ceremony.
Commenting on this latest accolade, Commercial Bank’s Assistant General Manager – Corporate Banking B. A. H. S. Preena said: “Commercial Bank is among the biggest facilitators of trade in Sri Lanka, offering the tools, techniques and instruments that help protect both buyers and sellers from trade-related risks and making it easier for businesses to transact with one another. This award is an important endorsement of this role we play.”
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, the bank said.
Commercial Bank is the largest private sector bank is Sri Lanka and channels more than 18 per cent of the country’s export volumes and over 11 per cent of import volumes.
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