For the tenth year in a row, Commerzbank has been placed above more than 800 confirming banks from 88 different countries in the European Bank for Reconstruction and Development’s trade finance awards.
Commerzbankhas been named by the European Bank for Reconstruction and Development (EBRD) as the “Most active confirming bank under the Trade Facilitation Programme (TFP) 2013” in their annual trade finance awards. It is the tenth consecutive year that Commerzbank has received the award, which takes into account the number and the quality of transactions processed.
For 14 years, Commerzbank has been confirming letters of credit (LCs) or guarantees issued by the EBRD’s financial institution partners under the TFP – receiving the EBRD Stand-By/LC as collateral.
Per Fischer, Head of Financial Institutions at Commerzbank, says: “101 issuing banks in 19 countries in the CIS and Central Eastern Europe used Commerzbank as confirming bank under the TFP in 2013. Our clients in Central Asia, the South Caucasus, the Ukraine, Moldova, Russia and Central and Eastern Europe are the most active counterparts in the TFP with the EBRD and this award demonstrates Commerzbank’s continued commitment to facilitating trade in these countries. The Trade Facilitation Programme also supports our importer/exporter “Mittelstand-clients” in their trade transactions by shouldering the political and commercial risk on their behalf.”
The TFP awards ceremony took place in Warsaw, Poland on 16th May, following the EBRD annual meeting.