Standard Chartered Sri Lanka clinches ADB’s prestigious Trade Finance Deal of the Year 2020 Award

Standard Chartered Sri Lanka has won the Asian Development Bank’s (ADB) prestigious Trade Finance Deal of the Year 2020 (Confirming Bank) Award at the Trade & Supply Chain Finance Program (TSCFP) Awards hosted virtually on October 28. The award recognised an underlying risk participation deal the ADB entered into with the Bank on a USD 25 million trade loan extended to state-owned People’s Bank.

Speaking on the recognition by the Asian Development Bank, Bingumal Thewarathanthri, Chief Executive Officer, Standard Chartered Sri Lanka, stated, “It is a privilege for Standard Chartered Sri Lanka to be awarded the Trade Finance Deal of the Year 2020 by the ADB, especially on a transaction intended for a purpose that is close to our hearts. The award further strengthens our long-standing relationship with the ADB, which exclusively reached out to us in Sri Lanka for this deal. At a time the COVID-19 pandemic is gripping the world, it is truly reflective of our promise ‘Here for good’, that we were able to facilitate this deal for People’s Bank to enable the State Pharmaceutical Corporation’s operations to purchase medical supplies to aid in the national initiative against COVID-19 and to benefit the people of Sri Lanka.”