Commerzbank wins two Global Finance awards for global and country trade finance
Commerzbank named Best Bank for Export Finance, and Best Trade Finance Provider in Germany by Global Finance
Specialist publication, Global Finance, has again recognised Commerzbank as the world’s best export finance bank and Germany’s best trade finance provider for 2021; the latest in a series of consecutive award wins for these categories. The awards commend Commerzbank’s high-quality client service and longstanding commitment to innovation and excellence within the trade finance space.
Commerzbank is a leading international commercial bank with branches and offices in nearly 50 countries and transacts approximately 30% of Germany’s foreign trade. Highlights from the Bank’s achievements in 2020 included: participating in the first German-Turkish trade finance pilot using acclaimed DLT network, Marco Polo; collaborating with Fintech, Conpend, to develop TRADE AI, an app-based solution to create efficiencies in document and compliance processes; and rolling out a voucher sale platform to help increase liquidity pools for corporates struggling with the effects of lockdown measures.
Commerzbank is also taking a leading role among financial institutions with respect to disruptive innovation, with a view to enhancing trade efficiency in the future. To this end, the Bank was, in 2020, the first financial institution to establish a multi-year research partnership with the Fraunhofer Institute for Material Flow and Logistics in Dortmund to combine new technologies with supply chain expertise.
Upon news of the award wins, Stephan Müller, Divisional Board Member Corporate Clients – Transaction Banking at Commerzbank, said, “We are delighted to have been recognised by Global Finance in the area of trade finance. Our mission has always been to seek ways to consistently improve and enhance client service, and we see digitalisation as a key facilitator in this regard. New technologies such as blockchain/DLT, Optical Character Recognition and Artificial Intelligence are all gaining greater impetus, particularly in the new remote-working environment the pandemic has necessitated, and Commerzbank remains committed to harnessing the myriad benefits to help our clients overcome challenges and fulfil their business objectives.”
The editorial review board of Global Finance selected the best trade finance providers based on entries from banks and other providers, as well as input from industry analysts, corporate executives and technology experts. Criteria for choosing the winners included: transaction volume, scope of global coverage, customer service, competitive pricing and innovative technologies.
“The trade finance sector was hit particularly hard by the fallout from the COVID-19 pandemic, and providers were forced to respond and adapt to the unforeseen challenges it presented,” said Joseph D. Giarraputo, publisher and editorial director of Global Finance. “The winners of our annual Trade Finance awards are institutions that responded to the unprecedented landscape of 2020 with new technologies and improved capabilities that helped their clients succeed.”