BOC Won Trade Finance Awards of Hong Kong Magazine
OREANDA-NEWS. April 04, 2013. The Asset, a Hong Kong magazine, announced the winners of Transaction Banking awards 2013. Bank of China won the “Best Service Provider in Trade Finance of China” prize for the seventh time. Meanwhile, the bank’s customized product portfolio - "Large-size Two-Factor Factoring" won the prize of “Best Structured Trade Finance Solution”, standing out as the only one of its kind in China’s banking industry that reaped this reward.
Leveraging its conventional advantages in trade finance, BOC’s trade finance business reaped impressive results in 2012, leading the world with its USD2.78 trillion international settlement, and RMB2.46 trillion cross-border RMB settlement. Besides, the turnover of its two-factor export factoring business also secured first place in the world.
Meanwhile, BOC attaches great importance to innovating its trade finance products, so as to meet the diverse requirements of its clients with new product portfolios. “Two-Factor Factoring”, a turnkey solution tailor-made to the client’s requirements, represents a creative integration and utilization of global resources. As a much favored portfolio, it is designed to serve the cross-regional trade between upstream enterprises and core enterprises in the supply chain by offering a full package of trade finance services such as financial support, accounts receivable management, and risk control.
Founded in 1999, The Asset is a well-known financial magazine in Asia. It organizes awards events for financial institutions in Asia annually by means of quantitative scoring and client interview.