Commerzbank wins two Global Finance awards for global and country trade finance
Commerzbank has been named the “World's Best Export Finance Bank" and “Best Trade Finance Provider in Germany” for 2020 by Global Finance
As one of Germany’s largest trade financiers by volume, the accolades recognise Commerzbank’s high-quality client service and longstanding commitment to innovation and excellence within the trade finance space. Over the past year, Commerzbank has been instrumental in driving initiatives such as the Marco Polo trade finance network, which is helping to generate greater efficiency and transparency within trade finance transactions.
To this end, Commerzbank has played its part in multiple “firsts” on behalf of the Marco Polo network, including the first transaction involving participants in Asia and Europe; the first transaction to incorporate a logistics provider (Logwin) into the digital process using the network; and the first Russian-German import-export operations financing project.
Accepting the award at the Bankers Association for Finance and Trade (BAFT) 2020 Global Annual Meeting, held in Frankfurt, Enno-Burghard Weitzel, Cluster Lead Trade Finance, Commerzbank, commented: “We are truly honoured to be recognised as the world’s best export financier and Germany’s best trade finance provider.” Weitzel added: “Our 150-year history has been underpinned by building the trust of our clients – to help them expand into international markets and fulfil their business objectives. For us, these awards therefore represent a vote of confidence from the large corporates, the Mittelstand and the small enterprises that we serve. We will make every effort to build upon these successes in 2020.”
As part of its methodology, Global Finance assessed candidates across 97 countries in search of the best trade finance providers. Winners were selected based on entries from banks and other providers, as well as input from industry analysts, corporate executives and technology experts. The winning candidates demonstrated industry prowess in transaction volume, scope of coverage, customer service, competitive pricing and innovative technologies.
Joseph D. Giarraputo, publisher and editorial director of Global Finance, congratulated all the winners, saying: “Global Finance magazine’s Trade Finance Award winners are leaders in developing and taking advantage of new capabilities, while also monitoring global trends to deliver clients key insights on both trade and finance.”