Access Bank Plc has emerged the winner of this year’s International Finance Corporation’s “Most Active Issuing Bank in Africa” Award under its Global Trade Finance Programme. This was announced at the 3rd International Finance Corporation’s Global Trade Finance Programme Bank Partners’ Meeting held in Istanbul, Turkey in April, 2010. The Global Trade Finance Programme has 380 member banks from 182 countries around the world.
By its emergence as the winner of this prestigious award, Access Bank Plc has reinforced its exceptional capacity in Trade services for the 3rd year running, having clinched the IFC’s awards for “Innovation in Trade Structures” and Best GTFP Network Bank at the 2007 and 2008 meetings respectively. The recognition accorded the Bank by the International Finance Corporation, particularly under its Global Trade Finance Programme, is an eloquent testimony to the Bank’s expertise and excellent capacity in Trade Finance. Further buttressing this enviable position is the bank’s status as one of the very few banks globally to enjoy the status of being both an issuing bank (in Nigeria) and a confirming bank (in the UK).
Furthermore, the award underscores the level of progress the Bank’s investment in its trade finance capacity, competency and delivery has recorded and is an indication of the tremendous value inherent in its compelling trade finance value proposition.
The Bank joined the GTFP in 2006 to further extend its network of relationship with development finance institutions and strengthen its trade finance capacity while facilitating developmental international trade between Nigerian businesses and their counterparts in other parts of the world. This intelligent corporate action has significantly impacted the Bank’s capacity and capability, and consequently positioned it effectively as one of the top 4 leading banks in trade finance in the Nigerian financial services landscape. Similarly, the Bank has developed a collaborative and beneficial network of relationships with foreign commercial banks, development finance institutions and export credit agencies covering all major trade centres of the world.
Under the programme, IFC offers confirming banks partial or full guarantees covering payment risk on banks in the emerging markets for trade related transactions. These guarantees are transaction-specific and may be evidenced by a variety of underlying instruments such as: letters of credit, trade-related promissory notes, accepted drafts, bills of exchange, guarantees, bid and performance bonds and advance payment guarantees. The guarantees are available for all private sector trade transactions that meet IFC's eligibility criteria.
Through the GTFP Bank network, local financial institutions can establish working partnerships with a vast number of major international banks in the Programme that can broaden access to finance and reduce cash collateral requirements.
Friday, May 14, 2010