City Bank has won the Leading Partner Bank Award-2020 in Bangladesh by the Asian Development Bank (ADB) under its Trade and Supply Chain Finance Programme.
The award was given in recognition of the highest number of transactions collaborated with ADB in the 2019-20 fiscal year, covering trade transactions of both small and large deals for corporates and SMEs, said a press release.
The award was presented in a virtual ceremony on 28 October 2020 which was attended by around 200 partner bank representatives. At the event, 25 banks were recognised in 20 categories.
The press release said the title honours City Bank's endeavours 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 the Trade and Supply Chain Finance Programme, 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, said the press release.
It said City Bank is also partnered with other Development Financial Institutions like International Finance Corporation, Islamic Development Bank Group, The Development Bank of Austria, Norfund (Norway), FMO (Netherlands) and 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.