The Asian Development Bank (ADB) awarded The City Bank Limited 'Trade and Supply Chain Finance Program (TSCFP) Awards' for 2020 in 'Leading Partner Bank Award in Bangladesh' category, in recognition of highest number of transactions collaborated with ADB.
The award was presented in a virtual ceremony on October, said a press release.
Over 200 partner bank representatives attended the ceremony where 25 banks were recognized in 20 categories, it read, adding that the awards were based on collaboration with ADB for the period from July 2019 to June 2020.
During this period, City Bank has been the most active partner bank from Bangladesh, covering trade transactions of both small and large deals for corporates and SMEs, the release adds.
Last year, City Bank also won 'Momentum Award' for highest growth in transactions partnered with ADB, it said.
With support from ADB under TSCFP, City Bank had been able to engage with major international banks to avail extended trade lines and financing opportunities, the press release informed.
City Bank is also partnered with other development financial institutions like International Finance Corporation, Islamic Development Bank Group, OeEB (The Development Bank of Austria), Norfund (Norway), FMO (Netherlands), etc.
Through this extensive network, City Bank arranges guarantees against its trade deals and direct funding to support the transactions, extending its reach and capabilities, it says.