Manama, Bahrain: Bank ABC has won the Best Trade Finance Provider in Bahrain award for the year 2020 by the New York based Global Finance Magazine. An awards ceremony for the winning financial institutions was held on 15 January 2020 during the Bankers Association for Finance and Trade (BAFT) annual meetings in Frankfurt, Germany. This award is a testament to Bank ABC’s continued excellence in Trade Finance and commitment to provide innovative global trade solutions that enhance client delivery and experience.
Global Finance has recognised the best trade finance banks in around 50 countries, including the Middle East region. The selection criteria included the volume of transactions, scope of global coverage, customer service, competitive pricing and innovative technology.
Commenting on the award, Chris Odam, Trade Head for Bahrain & GCC at Bank ABC, said: “We are delighted to receive this recognition once again, which attests to the Bank’s Trade dominance in Bahrain and continued excellence in the Middle East trade finance market, as well as, its strong commitment to innovate and evolve its services to better serve clients.”
“2019 was a remarkable year for Bank ABC in Trade as we experienced a significant increase in traditional documentary trade volumes, as well as, increased flows in Open Account trade through Receivables and Payables Financing. We completed several milestone Trade transactions in the Open Account with our clients. In 2020, we will rapidly expand on our digitisation efforts and continue to innovatively disrupt how trade finance is delivered within MENA, and its Trade corridors to the rest of the world,” added Sanjay Sethi, Group Head of Transaction Banking at Bank ABC.
This award is also reflective of the significant strides the Bank has achieved as part of its five-year transformation agenda for Transaction Banking as a whole, which it embarked on in 2019. This includes globalising and enhancing existing solutions, and importantly, digitising its Trade Finance and Cash Management capabilities and infrastructure across the Bank’s extensive network – to improve client experience and response times.
Global Finance reports on international finance issues, covering a wide range of related subjects such as corporate finance, joint ventures and mergers and acquisitions, country profiles and capital markets. It also organises annual awards for a range of banking areas.