BMO Capital Markets was named Best Supply Chain Finance Bank in North America by London-based Trade Finance magazine.
It is the second year in a row that BMO has received the award, underscoring a web-based supply chain finance solution that helps buyers negotiate better terms and suppliers lower working capital financing costs. The awards are given on the basis of an annual Trade Finance survey of industry players.
Supply Chain Finance, also called approved payable financing, is quickly gathering steam as the global economy recovers. Fortune 1,000 companies across industries are increasingly focusing on managing their working capital, and increasing available cash-flow by pushing out payables.
“We are delighted and honoured to receive this award for a second year running,” said Peter Grills, managing director, trade finance, BMO Capital Markets. “This is a working capital and cost reduction play for our clients. As economic optimism rises, BMO clients are benefiting from our significant presence across Canada and the United States, bolstered by global operations on five continents.”
“BMO’s ability to assess and respond to client needs quickly, and to advise them on ways to improve their working capital efficiency and deepen their relationships with trading partners, has led to consistent success in supply chain financing,” said Eric Prideaux, editor, Trade Finance .