Global Finance names BBVA the best Trade Finance bank in Uruguay

BBVA is once again Uruguay’s top trade finance bank, according to the Global Finance awards just announced by the publication. Global Finance editors, together with company executives and technology experts have thus recognized BBVA as one of the most renowned banks with awards that represent the standard of excellence in the financial industry.  

The winners of the Best Trade Finance Providers 2024 were selected based on their performance over the past year in a series of parameters, such as transaction volume, scope of global coverage, customer service, competitive prices and innovative technologies.

Joseph D. Giarraputo, the founder and managing editor of Global Finance, explained that: “A challenging economic and geopolitical environment and changing trade flows have led to greater dependence on digitization and emerging technologies as banks and their corporate clients look for guarantees in a stage of transition.” In this sense, Giarraputo feels that banks are finding new ways to tackle the ecosystem in light of the greater demand for environmental, social and governance (ESG) policies.

For Paola Baiocchi, Head of the International Trade area at BBVA Uruguay, this recognition for the fourth consecutive year “reaffirms the merit of the BBVA Group’s strategy, which, with the client at the heart of the business, aims to be at the cutting-edge and anticipate their needs, providing innovative, competitive solutions that serve as tools to maximize the trade flow, in this case to and from Uruguay.” Baiocchi also underscored the capabilities and commitment of the local team, and the constant support and synergy with all the units that make up the BBVA Group.  

On top of the award given to BBVA Uruguay, the Group also received the award for the Best Trade Finance Bank in Latin America, among others.

In addition to the traditional products offered by the bank (e.g. international guarantees, letters of credit, A/B loans, etc.), the publication points to the BBVA’s significant investment in digitization and also underscores BBVA’s sustainable business target for 2025, which includes channeling €300 billion to help fight climate change.

Global Finance magazine specializes in financial markets and investment banking. Since 1987, it has supported corporate leaders, bankers and investors to chart the course of global business and finance. Its annual awards recognize excellence and have become the standard for quality and confidence.