City Bank Wins ‘Best Issuing Bank in South Asia’ from IFC
City Bank has recently been honored with the ‘Best Issuing Bank in South Asia’ accolade from International Finance Corporation (IFC). Allen Forlemu, Regional Industry Director, Financial Institutions Group, recently handed over the award to Aziz Al Kaiser, Chairman, City Bank. Among others Martin Holtmann, Country Manager, Bangladesh, Bhutan and Nepal of IFC, Mashrur Arefin, Managing Director & CEO, City Bank, Sheikh Mohammad Maroof, AMD & Chief Business Officer, City Bank and other senior officials from both organizations attended the program.
Through this award City Bank has been recognized as the most successful partner bank in South Asia for the utilization of IFC’s Global Trade Finance Program (GTFP) fund and good performance under this program. From a total network of over 500 partner banks of IFC, 46 Banks have won these awards in 48 categories, based on a competitive process.
Since 2012, City Bank has been participating with IFC under their GTFP program as an Issuing Bank. In 2021, City Bank became the first Bangladeshi Bank to enroll in GTFP as a Confirming Bank.
The award is a testament to City Bank’s endeavors to provide the best trade solutions to its clients by increasing financing capacity and improving operational efficiency, financial health and risk management.
Such initiatives also led to City Bank winning the ‘Leading Partner Bank in Bangladesh’ award under Asian Development Bank’s trade facilitation program in 2020 and 2021. City Bank is also availing Islamic Trade Finance Facility of International Islamic Trade Finance Corporation (ITFC, a member of Islamic Development Bank Group) with their highest limit for FI purposes in the world.
City Bank has also partnered with other DFIs like OeEB (The Development Bank of Austria), CDC (UK), Norfund (Norway), FMO (Netherlands), etc. Through this extensive network, the bank arranges guarantees against its trade deals and direct funding to support the transactions, extending its reach and capabilities.