ComBank crowned ADB’s Leading Partner Bank in Sri Lanka for fourth year

Commercial Bank Senior Manager – Imports Department Niroshinie Opatha accepts the ADB TSCFP award on behalf of the bank 

Records highest number of transactions in country’s trade and supply chain finance domain between 1 July 2023 and 30 June 2024

The Asian Development Bank (ADB) has honoured Commercial Bank of Ceylon as its “Leading Partner Bank” in Sri Lanka for trade and finance transactions for the fourth consecutive year.

This noteworthy reiteration of Commercial Bank’s trade and finance contributions to the national economy came at the ADB’s 10th Trade and Supply Chain Finance Program (TSCFP) Awards at Mandarin Oriental, Singapore.

The award recognises Commercial Bank’s achievement, with ADB’s assistance, of the highest number of transactions in Sri Lanka’s trade and supply chain finance domain between 1 July 2023 and 30 June 2024. Commercial Bank was one of 31 banks, that was recognised with 36 prestigious accolades at the ADB TSCFP Awards ceremony.

“The ADB is one of our most valued partners, and we greatly appreciate its contribution to making Commercial Bank one of the biggest facilitators of trade in Sri Lanka,” the bank Assistant General Manager – Corporate Banking B.A.H.S. Preena said. “The ADB provides us with the tools, techniques and instruments that protect both buyers and sellers from trade-related risks, thereby supporting businesses that transact with one another. This award underlines the success of our relationship in this sphere.”  Commercial Bank’s partnership with the ADB contributes to the growth of the bank’s trade and 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.

Among the trade and supply chain finance related products and services offered by the Bank are documentary credit, issuing of letters of guarantee, providing expert advice on forward exchange contracts, document collection, providing shipping guarantees, marine insurance, and advance payments, and assistance with entrepot trade shipments.  Commercial Bank has also launched “Combank Trade Club” – an ecosystem to stimulate business growth for the banks’ trade customers and “Combank LEAP GlobalLinker” – a comprehensive digital business ecosystem set up in collaboration with the IFC and Global Linker to expand networking opportunities for trade customers. 

The Asian Development Bank’s Trade and Supply Chain Finance Program Awards are some of the most prestigious accolades in the banking and financial industry in Asia, presented to institutions that work passionately to foster economic growth through sustainability measures. The TSCFP program works with over 200 international banks from more than 90 countries around the world.