Doha Bank received the “Best Trade Finance Bank in Qatar 2019” at the Global Finance Magazine Award Ceremony
Doha Bank received the “Best Trade Finance Bank in Qatar 2019” at the Global Finance Magazine Award ceremony in London on Wednesday, 16th January 2019. Mr. Richard Whiting – Chief Representative of Doha Bank London Representative Office received the award on behalf of the Doha Bank, from Mr Joseph Giarraputo – President and Publisher of Global Finance Magazine. The event was very well attended by Senior Trade and Supply Chain Financiers from across Europe, Scandinavia, Middle East, Asian and American continents.
The event showcased strategies in competing aggressively for market share readdressed by the leading trade-finance banks and emphasising harder about the type of clients they wish to serve and the extent of their costly global operations.
Dr. R. Seetharaman, CEO of Doha Bank 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 nonbank 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 specialized needs of corporations as they engage in cross-border trade. The winners are not always the biggest institutions, but rather the best—those with qualities that companies should look for when choosing a provider.