ADB recognizes Bank of Ceylon at TFP Awards
Bank of Ceylon was awarded the title ‘Leading Partner Bank in Sri Lanka’ with the Asian Development Bank (ADB) under the ‘Trade Finance Programme’ (TFP) at the ADB’S TFP Awards held in line with the Global Trade Review’s Annual Conference in Singapore.
The TFP Awards ceremony was held recently in Shangri-la’s Rasa Sentosa Hotel in Singapore. This was the very first time a Sri Lankan bank has received this title as the ‘Leading Partner Bank’ for Trade Finance. The ADB’S Trade Finance Programme looks into bridging the gaps in trade finance and reviews their impact on economic growth and job creation through developing SMES across developing Asia.
Bank of Ceylon is considered the largest trade desk in the country. BOC has pioneered this development of Sri Lankan trade finance by building a bridge with the international trade finance network through the trust and corporation that has been built over 78 years. “It was indeed an outstanding moment to be recognized by one of the world’s leading banking institutions such as the Asian Development Bank and we take this opportunity to thank our staff who have contributed immensely and all our customers who have been with us, enabling us to achieve this award,” stated Offshore Banking division Deputy General Manager Corporate D.P.K. Gunasekara.
In order to accommodate different types of needs of corporate clients, the bank has clustered its services under three main units namely; Corporate credit, Offshore banking and Trade services. The total portfolio consists of: Project lending, operational and working capital finance, medium and short term corporate loans, Trade finance, syndicate loans, Bank guarantees, advising letters of credit, transferring Letters of credit, adding confirmation, handling duty rebates, providing status reports, cash management and Treasury operations. The vast asset base it possesses has enabled BOC to earn the highest single borrower exposure limit, thus enabling it comfortably meet any macro investment objective of any corporate giant in the country.