Bank ABC wins Best Trade Finance Provider in the Middle East in 2023
MENA Newswire: Bank ABC, one of MENA’s leading international banks, emerged as the winner of the ‘Best Trade Finance Provider in the Middle East’ title at the Global Finance- World’s Best Trade Finance Providers Awards 2023. Announced at a ceremony held in London on 25th January, the award stands testament to the Bank’s leading position as the Trade Finance partner of choice and its innovative, highly personalized product offering with the aid of cutting-edge digital technology.
The Global Finance Editorial Board selected the best trade finance providers based on entries from banks and other providers from over 100 countries worldwide. In addition, it input from industry analysts, corporate executives and technology experts. The rigorous assessment covered product offerings, innovation, customer experience, and holistic efforts to future proof the business.
Commenting on this remarkable win, Bank ABC Acting Group CEO, Sael Al Waary remarked: “It is an honour to be recognized by such a prestigious publication as Global Finance. This award is testimony to Bank ABC’s vision and digital transformation strategy. This is geared towards building a stronger platform to substantially increase our trade volume and become even more relevant and responsive to the needs of our clients. I would like to take this opportunity to thank our dedicated team for their consistent excellence.”
“Bank ABC has long supported the flow of trade and investment between MENA and the rest of the world, and the recent merger of BLOM Bank Egypt with Bank ABC Egypt is set to bring significant trade finance transformation to this significant MENA market. Strengths in Open Account financing, Documentary Trade, Standby Letter of Credit (SBLC) and Guarantees have helped Bank ABC to become a Trade and Supply Chain Finance powerhouse in the region,” said Joseph D. Giarraputo, Founder and Editorial Director of Global Finance.
“This is being further enhanced by technological investments, including a major cloud transformation initiative, digital corporate onboarding and the launch of both Supply Chain Finance and Documentary Trade platforms,” he added.
Over the past year, Bank ABC successfully sustained its robust trade business performance through its Head Office in Bahrain. This entailed bolstering its SBLC and Guarantees business, while maintaining strong market share in its core exports business and further penetrating the Open Account financing space in the GCC.
In parallel, it continued to deploy resources towards digitizing the full spectrum of its GTB products and services across Cash and Trade. This led to the launch of the frontend of its Supply Chain Finance platform and a Documentary Trade platform. These platforms substantially reduce transaction processing turnaround time and enhance the overall customer experience.