Bolero has announced that Commercial International Bank (CIB), the leading private sector bank in Egypt, is the latest bank to join the Bolero trade and trade finance network.
CIB is already preparing to go live to support a major global corporate customer in their multi-bank guarantee management initiative.
"We are pleased to have made the decision to use Bolero to support the application for guarantees", said Mr. Mohamed Farag, Head of Global Transaction Services Group at CIB. "This is a clear demonstration of CIB's focus on providing value for our customers and evidence of our interest in properly understanding the needs of the corporate market".
Bolero provides comprehensive Trade Finance applications delivered from the cloud enabling speedy adoption, zero infrastructure cost and intuitive use. Underpinning these applications is the unique Bolero Exchange platform which enables data transformation and ensures security, legal certainty, non-repudiation and document originality. The large network of banks already connected to the Bolero Exchange gives Bolero's corporate users a significant advantage in speed of deployment as well as mitigating against the risk of on-boarding banks for the first time.
"CIB is an important addition to the Bolero community due to their strong regional presence." said Arthur Vonchek, CEO of Bolero. "The proven nature of Bolero's trade finance solution and its cloud based delivery will enable CIB to meet its objectives of fast implementation to support its identified corporate customer".