HNB and Standard Chartered wins ‘Best Trade Deal of the Year’ award from ADB
Recognising the contribution to supporting trade in Asia and the Pacific HNB and Standard Chartered Bank were awarded top honours, receiving the coveted ‘Best Trade Deal of the Year’ award for Issuing Bank and Confirming Bank, respectively, at the recent Trade and Supply Chain Finance Programme (TSCFP) Awards organised by the Asian Development Bank (ADB).
The banks were acknowledged for their vital role in a transaction that facilitated the import of 200 metric tonnes of milk powder to Sri Lanka during a critical period of milk shortages caused by depleted foreign reserves, surging inflation, and challenges in opening Letters of Credit (LCs).
During the milk powder shortage, Sri Lanka was grappling with their worst economic crisis, exacerbated by depleted foreign exchange reserves and soaring inflation in the aftermath of the pandemic. HNB initiated the transaction on behalf of their client, while the Standard Chartered Sri Lanka team worked closely with HNB to add confirmation to the LC, a prerequisite for the deal to materialise.
ADB also supported this transaction, which agreed to shoulder a significant portion of the risk. Both banks collaborated in expertly managing the end-to-end transaction execution with ADB. The accolade highlights the unique partnership between ADB and HNB as an issuing Bank and Standard Chartered as a Confirming Bank. It serves as a pivotal link, particularly in ADB’s Developing Member Countries, which have recently faced significant economic challenges.
This is also a testament to the synergy of the Correspondent Banking relationship between HNB and Standard Chartered, spanning nearly 40 years across the gamut of cash, trade and financial management. Over four decades, the consequent impact on the country’s economy has been immeasurable.
HNB Managing Director/CEO Jonathan Alles said: “We have always worked towards the wellbeing of our citizens and come forward where possible to support the nation in facing its economic challenges. The award demonstrates our commitment to delivering best-in-class trade finance services and providing tailored solutions to all stakeholders in the value chain.”
Standard Chartered Sri Lanka CEO Bingumal Thewarathanthri said, “The transaction represents Standard Chartered’s unwavering commitment to supporting essential services during crises, fostering humanitarian values, and clearly upholding our promise of being ‘here for good’.”
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