Scotiabank has been named the ‘Best Trade Finance Bank’ in Canada by Global Finance magazine for the third year in a row, recognized for standing by its customers during the credit crunch.

The magazine’s annual rankings of the best trade finance providers around the world will be published in its February 2010 issue. It names the best provider in each of 71 countries or regions.

“We’re pleased to receive this award and once again be recognized by Global Finance as Canada’s best trade finance bank,” said Alberta G. Cefis, executive vice president and head of Global Transaction Banking at Scotiabank. “Receiving this award for three consecutive years highlights the bank’s ongoing commitment to providing innovative and quality offerings and services to our domestic and multinational clients.”

Scotiabank’s GTB unit offers corporate and commercial clients integrated business solutions to support operations in their country of origin and internationally. It partners with Canadian Banking, Scotia Capital and International Banking divisions to deliver trade services, correspondent banking, cash management and payments, commercial cards, foreign exchange and investment solutions.

Citi was named the best trade finance provider in the United States, and HSBC was named the best provider in the U.K.

“Global trade finance volume contracted sharply in 2009, to the extent that lack of financing was part of the reason for a decline in world trade,” said Joseph D. Giarraputo, publisher and president, Global Finance. “We have selected the banks that stood by their customers during the credit crunch and found innovative ways to lower risk and speed cash flow from international transactions.”

Global Finance editors, with input from industry analysts, corporate executives and technology experts, selected the best trade finance providers based on transaction volume, scope of global coverage, customer service, competitive pricing and innovative technologies.

Meanwhile, the January 2010 issue of Global Finance features the best foreign exchange banks and providers, in which it honours Scotia Capital for the sixth year in a row. The magazine also acknowledges Scotiabank Costa Rica, Scotiabank Jamaica and Scotiabank Peru as the top FX providers in their respective countries.

Citi was named the best foreign exchange provider in the United States, and HSBC was named the best provider in the U.K.

“The dollar has come under attack and emerging market currencies are soaring,” said Giarraputo. “Corporations around the world need to select a strong, knowledgeable FX bank to help them cope with the turbulence in the markets and the risk of a dollar collapse.”