Excellent delivery of letter of credit (L/C) offerings has been a factor behind several banks doing well in Asiamoney's Middle East Awards, 2019.

First Abu Dhabi Bank (FAB) was awarded overall best bank for Asia across the Middle East by Asiamoney, while several other banks were deemed the best bank in their own jurisdiction in the same category.

Asiamoney considered that FAB was also the best Middle Eastern bank for Asia in the emirate of Abu Dhabi.

Dubai

Emirates NBD was judged Dubai's best bank in terms of trade between Asia and the Middle East in the awards.

The judges justified the award in part by highlighting the large amount of L/C business the bank writes for trades between the two regions.

The judges said Emirates NDB had "quietly emerged as a supra-regional leader in trade finance, accounting for 14 per cent of L/C transaction volume passing between the UAE and Asia."

Lebanon

Fransabank was awarded best bank for Asia in Lebanon, an award also partly justified by the bank's L/C business.

Asiamoney said that the judges were impressed by the bank's handling of 315 L/Cs, collectively worth US$411 million, with partner banks in Asia in 2018.

Bangladesh and Myanmar

Standard Chartered won Asiamoney's best foreign bank operating in Bangladesh award, partly for its achievement of writing 30 per cent of all completed L/Cs in the country.

CB Bank meanwhile won the best corporate and investment bank award for Myanmar, where there is a nascent burgeoning oil and gas sector. The bank claims it has captured the bulk of the L/C issuance market in this sector.

This article represents the views of the author and not necessarily those of the ICC or Coastline Solutions.