Manama, Bahrain: New York-based Global Finance magazine has recently named the Arab Banking Corporation (ABC) as the Best Trade Finance Bank in Bahrain. ABC Algeria, one of ABC’s subsidiaries, has also been named as the Best Trade Finance Bank in Algeria and the Best Foreign Exchange Provider.
Global Finance has selected the best trade finance banks in more than 80 countries or regions, including the Middle East. The criteria for choosing the winning banks included the volume of transactions, scope of global coverage, customer service, competitive pricing and innovative technology.
“We have selected the banks that are best serving the needs of corporations worldwide as they engage in cross-border trade,” said Joseph D. Giarraputo, Publisher and President of Global Finance. “Now more than ever, the availability of trade finance at reasonable prices is crucial to the health of the global economy.”
An awards ceremony for all winning financial institutions was held on 21 January 2014 in London.
ABC’s Global Head of Trade Finance, Mr. Paul Jennings, said: “We are very pleased with this award, which recognises ABC’s leading role in the Middle East trade finance market and our commitment to superb customer service. This is the second year in a row that we win the best trade finance bank award.”
He added, “For more than three decades, ABC has been supporting the flow of trade between the MENA region and the rest of the world. We leverage our network of subsidiaries and branches in several countries to provide excellent trade finance solutions that help clients mitigate risks as well as facilitate their cross-border businesses.”
Nour Nahawi, CEO of ABC Algeria, also expressed his appreciation of the awards granted to the Bank in Algeria. “I am very pleased with this international recognition and independent testimony of ABC Algeria’s pioneering role in trade finance and related businesses. For the past five years ABC Algeria has been winning the title of Best Bank in Algeria, and now two new titles have been granted to the Bank, which reflects its ability to fully utilise ABC’s international network of branches and representative offices to support clients’ business.”
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 number of banking areas.
ABC is a leading international universal bank headquartered in Manama, Kingdom of Bahrain, and is listed on the Bahrain Bourse. It has a large network of subsidiaries, branches and representative offices across countries in the Middle East, Europe, the Americas and Asia. ABC provides clients with a portfolio of innovative financial products and services that include corporate banking, trade finance, project and structured finance, syndications, treasury products and Islamic banking. It also provides retail banking services through its network of retail banks in the MENA region.