CIB awarded 2021 Best Trade Finance, Best Cash Management Service Providers by Global Finance

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.

He also added,“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.”