Komerční banka has received the prestigious “GTR Best Deals 2010” award from the Global Trade Review magazine. The award was given for KB’s export credit for the financing of infrastructure and supply of special equipment and services in Azerbaijan. The international judging panel, who selected 29 best financing schemes in the world, mainly appreciated the long systematic work with the area, the volume, the alliance of Czech and Slovak suppliers, and also the involvement of both countries’ governments in support for exports. Komerční banka, the only Czech bank to receive this award for the third time, has long kept a high profile as a financial adviser for exporters, offering a number of integrated services.

“The fact that the deal we nominated has received this prestigious award makes me happy,” says Jaromír Chabr, Director Division Trade and Export Finance at KB. “This scheme is also unique in that the Azerbaijani Republic itself has the role of the debtor here. We should not omit to mention that colleagues from our parent company, Société Générale, have also won a similar award, which underlines the Group’s strength in export finance” adding Jaromír Chabr.

Two state-owned insurance companies contributed to the success of the deal. The main insurer is Exportní garanční a pojišťovací společnost, a.s. (EGAP).

Its Deputy CEO, Jiří Skuhra, adds: “It is always a pleasure to receive such an award, and it is even more important that the good feeling persists throughout project implementation and payment, because this is the key prerequisite for further successful co-operation. From our perspective, Azerbaijan is a country that offers a number of attractive opportunities. We are ready to support them, and we are not alone as shown by Slovakia’s EXIMBANKA, which in this particular case reinsured Slovak sub-contracted deliveries.”

Mario Schrenkel, EXIMBANKA’s Bank Board Chairman and CEO, also notes: “We are glad that we have been able to capitalise on our long-standing good experiences with EGAP vis-à-vis Slovak and Czech exporters’ joint expansion to third countries’ markets also in this case.”