Commercial International Bank (CIB) won the awards for Best Trade Finance and Best Cash Management Service Provider in Egypt.
The awards were part of the annual survey conducted by Global Finance magazine, which involved banking analysts, corporate executives, and technology experts from around the world.
Global Finance honoured CIB in recognition of the bank’s efforts to provide a range of efficient banking solutions to small and medium businesses as well as large enterprises. The awards acknowledge the bank’s role as the best cash management service provider based on its outstanding performance, efficient cash management strategy, and the innovative products it has been offering over the past six years.
This year’s winners were chosen based on a set of criteria, including the rapid response to the repercussions of COVID-19, and the latest technologies that contributed in streamlining the banking experience for customers during the pandemic.
CIB continues to provide trade finance services such as documentary collection, Letter of Credit (LCs), and Letter of Guarantees (LGs), despite the challenges posed by COVID-19. Additionally, the bank has equipped customers from various segments with efficient cash management solutions to help them deal with the consequences of the pandemic.
CIB has provided an integrated package of digital products and services to help companies and institutions complete all their banking transactions from anywhere in light of the COVID-19 outbreak, which extended to more than 135 countries. The Bank also took precautionary measures to ensure the safety of its customers and employees within the framework of the Central Bank of Egypt’s initiative to help small and medium businesses that were affected by the pandemic. These efforts resulted in an increase in the volume of transactions performed through CIB Business Online platform by 93% y-o-y. The number of subscribers jumped to 45% by FY20 due to the customers’ reliance on these digital channels as an alternative to cash transactions and paperwork since the beginning of the pandemic.
“This remarkable achievement is a result of our commitment to improving our digital services that goes hand in hand with our culture of innovation. It is an affirmation of our leading role in providing innovative banking solutions and high-quality services,” stated Hussein Abaza, Chief Executive Officer and board member of CIB, “This achievement is in line with our efforts to support the digital economy under the guidance of the state and CBE, ensuring citizens are provided with the most efficient banking services.”
“The Bank is proud to have received these prestigious awards. They contribute to reinforcing our position as the top provider of trade finance and cash management services. It attests to the quality of products and services we design for commercial transactions,” said CIB’s Deputy Chief Operating Officer, Mohamed Farag.
“We are keen on providing our customers with the best solutions, including our cash management services that consist of a range of digital banking products and solutions tailored to the needs of our business customers. These solutions enable customers to manage their financial transactions safely from anywhere in the world, which has contributed in improving business management as well as the capital and liquidity of several companies.”