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Abu Dhabi Commercial Bank (ADCB) awarded The Best Trade Finance Bank in UAE for 2018
Dubai, November 29th 2018- Abu Dhabi Commercial Bank was received the award for Best Trade Finance Bank at The Asian Banker MEA Risk and Transaction Awards 2018. The award ceremony was held in conjunction with the International Finance Dialogue, at Conrad, Dubai.
- ADCB realised surging trade finance flows in accordance with domestic economic growth
- The Bank leveraged its trade finance capabilities in the oil and gas sector
- The Bank continued to power its transaction banking business with innovative technology
The MEA Risk and Transaction Awards Programme is designed to identify emerging best practices and outstanding achievements of the best-run risk management teams and evaluate their achievements in cash management, payments, and trade finance business. Taking on an audit-based approach from 2018, the recipients of these awards were determined through a combination of surveys, interviews and field research by The Asian Banker’s research staff.
ADCB realised surging trade finance flows in accordance with domestic economic growth
ADCB’s transaction banking covers cash management, trade finance, client service and trust/ escrow service. In aggregate terms, revenue of its transaction banking displayed a robust growth of 20%. In addition, its trade finance business accounts for 15% of market share in
UAE and have been growing in accordance with the economic growth of UAE. It is noted
that ADCB has been expanding its open account trade flows with year-on-year growth of 24% while UAE’s GDP grew by about 2.7%.
The Bank leveraged its trade finance capabilities in the oil and gas sector
This year, the Bank won its largest mandate for one of UAE’s biggest oil and gas stated- owned companies. On the cash side, ADCB served as a main payment and collections bank. New products such as reconciliation and merchant acquiring solutions have been under discussion. On the trade side, ADCB served as a key LC confirming bank. This mandate was won by a collective deal team effort across different levels in both the bank and the client.
The Bank continued to power its transaction banking business with product innovation
The ADCB’s transaction banking business is supported by a sophisticated electronic delivery through proprietary and bank neutral solutions such as SWIFT. During the year, it has introduced a variety of innovative products to promote both client connectivity and host-to- host connectivity to clients in the relevant segment. For example, the Bank partnered with a fintech company to create an “auction site” to trade secondary assets. It also worked with with Abu Dhabi Global Markets to prototype an invoice financing trading platform for the UAE.
At the awards ceremony, Emirates NBD was named the Best Cash Management and Transaction Bank in UAE. Other winning institutions include Egypt’s National Bank of Egypt, South Africa’s ABSA Bank, Qatar’s Commercial Bank, Barclays Bank Mauritius among others.
About The Asian Banker
The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The company is headquartered in Singapore, with offices in Manila, Malaysia, Hong Kong, Beijing, and Dubai, as well as representatives in London, New York, and San Francisco. It has a business model that revolves around three core business lines: publications, research services, and forums.
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