The New York-based magazine announced its 27th annual best bank awards on May13
Prime Bank has been awarded as the 'best bank' in Asia-Pacific from Bangladesh, by New York-based Global Finance magazine.
The magazine announced its 27th annual Best Bank awards and named the Best Banks in Asia-Pacific 2020 on May 13, said in a press release of the bank on Thursday.
This year the magazine has also awarded State Bank of India (SBI) as India's Best Bank, ICBC from China, Commercial Bank of Ceylon from Sri Lanka and HBL Habib from Pakistan.
The May issue of the magazine highlighted that Prime Bank has made its mark in Bangladesh's nascent infrastructure sector in recent years through the innovative solutions offered by its Structured Finance Division, which enable financing that goes beyond ordinary loans and with an eye on environmental sustainability.
The bank sponsors the Prime Bank Foundation, a development initiative that implements social programmes for the marginalised sectors of society, the magazine also highlighted.
The Awards Ceremony will be held during the IMF/World Bank Annual Meetings in Washington, DC at the National Press Club on October 17 this year.
"The banking industry is increasingly challenged by rising customer demands for safe real-time access with total control and broad flexibility," said Joseph D. Giarraputo, publisher and editorial director of Global Finance.
"For 27 years, the Global Finance Best Bank Awards have helped corporate treasurers and CFOs identify the banking partners most able to deliver top-notch financial services delivered via innovative technology," he added.
The selections were made by the editors of Global Finance after extensive consultations with corporate financial executives, bankers and banking consultants, and analysts throughout the world.
In selecting best banks, Global Finance considered factors that ranged from the quantitative objective to the informed subjective.
Banks were invited to submit entries supporting their selection. Objective criteria considered included: growth in assets, profitability, geographic reach, strategic relationships, new business development and innovation in products.
Subjective criteria included the opinions of equity analysts, credit rating analysts, banking consultants and others involved in the industry.