ComBank Trade Club to be a catalytic force for growth of export and import business

Commercial Bank DGM – Corporate Banking  Tamara Bernard

The Commercial Bank of Ceylon and its forebear the Eastern Bank, together represent a legacy of facilitating trade for more than a century in Sri Lanka. One of the most recent developments in this continuing journey is the launch of the ‘ComBank Trade Club’ as an ecosystem to stimulate business growth for the Bank’s trade customers. In this interview, Commercial Bank’s Corporate Banking Deputy General Manager Tamara Bernard explains the objectives and the significance of this initiative.

Excerpts: 

Q: Commercial Bank recently launched a Trade Club for business customers. What is its purpose?

A: The Trade Club was conceptualised as the premier association of import and export clientele of Commercial Bank. It is an ecosystem designed exclusively for the bank’s corporate customers in the fields of exports and imports. Its role is to widen the bank’s engagement with these customers in order to stimulate the growth of their businesses. Commercial Bank is already one of the biggest facilitators of Sri Lanka’s exports and imports through the gamut of trade-related services it offers, but we felt that we could do more by bringing these customers together into an ecosystem that looks at what else they need to expand across borders. It could be an exchange of ideas and knowledge about opportunities arising in local and international markets. It could be identifying and sourcing the specific technical know-how needed to penetrate new markets. It could be an influence to overcome obstacles to expanding capacity or development of new products. The platform takes the Bank’s contribution beyond the financial to cover numerous non-financial aspects. Additionally, simply being part of an ecosystem with like-minded individuals facilitates a useful exchange of ideas and can even pave the way for collaboration.

Q: How does a customer become a member of the Trade Club?

Membership of the Trade Club is by invitation. Potential members would be customers of our Corporate Banking unit and corporate customers serviced by our Personal Banking unit, identified as eligible by their use of our trade-related services. Invited members are directed to fill in an application form that can be found under ‘Business Networks’ under the ‘Services’ tab on our website. Once enrolled, the bank informs the customer of his or her membership number and the benefits available at no extra cost.

Q: What specific deliverables are promised to members?

Customers are assigned a designated tier of membership – Premier, Platinum, Gold or Silver – based on their annual turnover, and each category enjoys specific benefits in addition to networking opportunities, participating in learning and knowledge-sharing events, access to tailor-made trade finance solutions to facilitate cross border transactions, and similar services. Among the specific benefits that members can enjoy are easy access to Commercial Bank LEAP GlobalLinker, which is a platform developed with support from the IFC to focus on elevating businesses through digitising enterprises; access to a team of dedicated professionals for consultancy services and financial advisory; same-day dispatch of export collection bills, free registration for online banking and mobile banking, preferential rates on finances, attractive exchange rates on export-related transactions, foreign currency issuance at attractive rates for business tours, seminars, and trade fairs, and a concession for letter of credit advising charges. These benefits are designed to help businesses streamline their trade process, access financial services more easily, and save on costs.

Q: What has been the response to this initiative thus far?

For the initial phase of the Trade Club we have identified about 600 customers that can benefit from membership. About 25% of this number has already applied for membership and the early movers are very enthusiastic about the benefits and the prospects of building this platform into a catalytic force for growth. There is a lot of positivity which is very encouraging for the bank. 

Q: How have the early members benefitted to date?

A: Customers are entitled to the benefits offered from the date of joining the club. We have already conducted knowledge-sharing sessions with resource persons from Sri Lanka Customs, the Export Development Board, and the Imports and Exports Control Department, which have been informative and useful. Members are also receiving periodic economic updates and relevant Gazette notifications. We have also given them the opportunity to join ComBank LEAP GlobalLinker, our comprehensive digital business ecosystem set up in collaboration with IFC and ‘GlobalLinker’ which is the facility provider. Expanding networks, acquiring and expanding connections with buyers, suppliers, distributors and service providers, expanding visibility, and exploring new markets are among the benefits that are available to them as a result.

Q: How does the bank quantify its benefits from the Trade Club?

A: From the bank’s point of view, we would like to see our import and export customers increasing their volumes, penetrating new markets, generating incremental business via digital stores, widening their product offerings, and increasing their contribution to the national economy, making a significant footprint. International markets are continuously undergoing changes, and the demands on suppliers to reduce lead times, diversify their products, enhance compliance, and adopt sustainable practices are growing. The Trade Club can help customers not only to navigate these conditions but to find new opportunities in them.

Q: The bank also has a Biz Club for entrepreneurs. How does that differ from Trade Club?

The Biz club was formed in 2017 mainly to cater to the SME customers of the bank, with an emphasis on local entrepreneurs, especially in sectors like agriculture and farming. Biz Club members are offered membership according to their specific requirements and invited to seminars and workshops designed to fill in any knowledge gaps specific to their sectors of business. Members also receive other benefits such as a special personalised Debit Card, and related discounts on hotel reservations, interest-free packages for overseas travel, shopping discounts and max loyalty rewards. Additionally, they are entitled to free financial advisory services, online banking facilities including salary remittance facilities for their employees free of charge, priority service at branches, and the submission of credit proposals without project reports.

The Trade Club as explained, is focused on bringing the trade customers of the bank together with the shared objective of facilitating the growth of their businesses in the export and import sectors.