S.C.B. scoops up banking awards in Singapore
The Samoa Commercial Bank (S.C.B.) has scooped up the Trade Deal of the Year Award and the Leading Partner Bank Award at the fifth Asia Development Bank (A.D.B.) Trade Finance Programme (T.F.P.) awards in Singapore.
The S.C.B. is one of the 12 banks from Asia and the Pacific that received awards as the leading partner bank at the awards held in Singapore this month.
S.C.B. was the only bank honoured with the Trade Deal of the Year Award among other financial institutions.
The Managing Director of the Samoa Commercial Bank, Lemalu Ray Ah Liki, said it was truly an honour for S.C.B. to receive such recognition.
“I want to thank A.D.B. and most importantly our clients for their continued support," he said.
"S.C.B. will continue to promote the programme and provide financial support to companies engaged in import and export activities.”
The winner for the Trade Deal of the Year Award, according to A.D.B., represents a major milestone in trade finance into small countries in the Pacific through A.D.B. Trade Finance Programs Revolving Credit Facility.
“The deal is the first pre-export loan denominated in New Zealand Dollars in the Samoan market this millennia, and the first ever by a local Samoan bank. The deal is also significant from a development point of view as it supports small local community growers of cocoa to get paid sooner, and encourage investment in their plantations in a sustainable and environmentally-friendly way.
“This deal, which has been duplicated numerous times, provides much needed economic stimulus to the micro-economy of the outer islands where the cocoa is grown.”
The exporter, Savai'i Koko, sources cocoa beans from small local growers and prepares and consolidates the commodity for export.
“As ease of access to pre-export financing grows, we expect a positive knock on effect for other commodities/crops for export.”
Other Banks to be recognised as leading partner banks include: Ameriabank of Armenia, Dutch-Bagla Bank in Bangladesh, ACLDA Bank in Cambodia, TBC Bank in Georgia, LPEI Bank in Indonesia, Khan Bank in Mongolia, Himalayan Bank in Nepal, Bank Al Habib in Pakistan, People’s Bank in Sri Lanka, OJSC Uzpromstroy Bank in Uzbekistan Bank, Tien Phong Commercial Bank in Vietnam.