Doha Bank received the “Best Trade Finance Bank in Qatar 2019” award at the Global Finance Magazine Award ceremony in London recently. Richard Whiting, chief representative, Doha Bank London Representative Office received the award on behalf of Doha Bank, from Joseph Giarraputo, president and publisher of Global Finance Magazine. Doha Bank CEO Dr R Seetharaman said, “According to Greenwich Associates in Trade Finance: A Market Eager for Disruption, in its October 2017 report on global large corporate trade finance, the biggest driver of change in trade finance currently is the shift in strategy on the part of the world’s largest banks.
“The collective market share of the largest banks has decreased over the last six years as they shifted from aggressive market-share strategies to a narrower focus on ‘specific clients, products and geographic regions that present the best profit potential’, according to the report. That has opened up opportunities for other providers, including smaller and regional banks as well as non-bank newcomers.” “This year’s ratings were based on performance during the period from the fourth quarter of 2016 through the third quarter of 2017. Global Finance uses a proprietary algorithm with criteria — such as knowledge of local conditions and customer needs, financial strength and safety, strategic relationships and governance, competitive pricing, capital investment and innovation in products and services — weighted for relative importance. “The winners are those banks and providers that best serve the specialised needs of corporations as they engage in cross-border trade,” Doha Bank said.
Sources and photo-credits: Gulf Times