Daily News: June 10, 2014

BofA Recognized for Trade/Supply Chain Finance Leadership

This year, the Global Trade and Supply Chain Finance business at Bank of America Merrill Lynch has received a number of awards from readers and editors at key trade publications. The awards reflect the firm’s continued investment in building and innovating trade and supply chain finance solutions for both large corporate and middle-market companies.

Bank of America said this month, Trade Finance magazine announced BofA Merrill was voted “Best Trade Finance Bank in the USA” in the publication’s Trade Finance Awards for Excellence 2014. This is the second consecutive year that the bank has been ranked number one in the U.S. In May, Global Finance magazine named BofA Merrill the Best Supply Chain Finance Provider in North America.

Other awards included:

  • FStech recently named Trade Pro(R) the “Best Use of IT in Wholesale & Investment Banking” as voted by a panel of eight industry leaders. This recognition follows similar recognition from Banking Technology magazine who voted Trade Pro as the “Best Use of IT in Wholesale/Transaction Banking” in 2013.
  • In the 2013 Greenwich Best Brand Awards for Middle Market/Small Business Banking, Greenwich Associates named BofA Merrill “Best Brand” in cash management and trade finance.
  • In its annual Leaders in Trade Awards, Global Trade Review named BofA
    Merrill the “Best trade finance bank in North America” as selected by the magazine’s global and regional editorial boards.
  • Global Trade Review chose the $300 million export credit agency-backed financing for Reliance Industries Limited, India, as one of its Best Deals of 2013. BofA Merrill was one of the arrangers in the syndication.
  • Trade & Forfaiting Review (TFR) ranked BofAML as a Bronze Winner for the “Most Innovative Trade Bank” in 2013. This recognition came alongside TFR highly commending the Yingli Green Energy Americas deal for its complexity, one which involved numerous counterparties and a unique credit payment structure for the renewable energy sector.
  • Trade Finance magazine designated the supply chain finance program for Avery Dennison as one of its Deals of the Year for 2013. The deal was a complex, centralized vendor financing program that covered five countries and six of the company’s entities in Asia.

“We are very honored to receive these awards, which we believe reflect our position as a trusted provider of critical importer and exporter financing, not just to large multinationals and financial institutions, but also to middle-market companies,” said Bruce Proctor, head of Global Trade and Supply Chain Finance. “We look forward to continuing to provide our clients solutions that will help them achieve their strategic growth goals, while also improving their working capital management.”