HSBC has been named the world’s leading bank for trade finance for the third year in a row in Euromoney’s Trade Finance Survey.
The financial services magazine askedmore than 7,000 businesses involved in globalcommerceto rank and assess their top providers of trade financing.
In addition to naming HSBC the global market leader, clients voted the bankinto first place in 22 individual markets, the Philippines included, and four regions: Asia-Pacific, Africa, the Middle East and North America.
Michael Brennan, Head of Wholesale Banking, HSBC Philippines, said: “This is a vote of confidence from clients that the work we are doing with them on our strategy, investment and execution is really delivering.”
Supporting international trade has been at the heart of HSBC’s business model since the bank was founded in 1865.
Today, it facilitates approximately $740 billion of trade worldwide each year.Trade is also key to HSBC’s ambitions for the future. The bank is investing in digital technology to help customers do business across bordersquickly and safely.
In the Philippines, HSBC continues to focus on complex structured trade finance, providing both domestic and cross-border supply chain solutions to its customers.
In 2020, the bank will further expand its capabilities in structured trade by launching an automated platform for supply chain and receivables finance.
“This is the second year in a row that HSBC Philippines has been recognized for its leadership in trade finance, a testament to the success of our efforts to make trade easier and more accessible for our customers” said Trish Ramos, Head of Global Trade and Receivables Finance (GTRF), HSBC Philippines.
Euromoney’s Trade Finance Survey i s an annual survey among businesses involved in global commerce to rank and assess their top providers of trade financing.
With 144 years of doing business in the Philippines, HSBC is one of the world’s largest banking and financial services organisations.