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Business Wire 19-Sep-2023 5:29 PM
Standard Chartered Americas (the "Bank") today announced that it has entered a trade finance partnership with Truist Bank (NYSE:TFC) that will enhance Truist clients' ability to conduct global business.
Through this strategic partnership, Truist Bank and Standard Chartered aim to create a seamless and efficient business environment for importers and exporters in the U.S. Standard Chartered will provide centralized processing, analytics and tracking services by leveraging the Bank's unique network, local expertise, infrastructure, and technology. Truist's corporate and commercial clients will benefit from Standard Chartered's ability to fulfill their trade finance needs in emerging markets in Asia, Africa and the Middle East.
Key Highlights of Trade Finance Services Partnership Are:
Export and Import Letters of Credit: Truist will gain access to Standard Chartered's footprint and ability to monitor transactions in real time for the entire value chain of documentary trade. In markets where Standard Chartered has a presence, Truist clients that want to purchase or sell goods and services will be able to confirm, advise, or discount letters of credit through the Bank.
Standby Letters of Credit (SBLC): Truist clients can execute performance and commercial contracts with counterparts in markets that require local knowledge and expertise in addition to local SBLC delivery capabilities. Standard Chartered's unique solution will allow Truist to process and issue SBLCs end-to-end using the Bank's network to improve turnaround times and provide transparency on cost.
"We are proud to have a strong network across the world's most dynamic emerging economies and regions, which have the U.S. as its major trade partner. This presents immense opportunities for companies looking to expand their reach and tap into these new markets," said Chris Burtch, Head of Financial Institution Sales at Standard Chartered Americas. "We are thrilled to be partnering with Truist and facilitate its clients' cross-border trade finance needs across our footprint. With our expertise in navigating the complex landscape of cross-border trade, we are confident that we can support Truist clients, help them achieve their business objectives and unlock new opportunities for growth."
"Many of Truist's corporate and commercial clients operate in the global economy and require solutions that allow them to complete transactions effectively across borders and throughout the supply chain," said Chris Ward, Head of Wholesale Payments at Truist. "This partnership will allow our clients to more efficiently achieve their goals, scale their business, invest in their teams and build their communities."
Truist Financial Corporation (NYSE:TFC) is a purpose-driven financial services company committed to inspiring and building better lives and communities. Truist has leading market share in many high-growth markets in the country and offers a wide range of products and services through our retail and small business banking, commercial banking, corporate and investment banking, insurance, wealth management, and specialized lending businesses. Headquartered in Charlotte, North Carolina, Truist is a top 10 U.S. commercial bank with total assets of $555 billion as of June 30, 2023. Truist Bank, Member FDIC. Learn more at Truist.com.
About Standard Chartered
We are a leading international banking group, with a presence in 53 of the world's most dynamic markets, and serving clients in a further 64. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, here for good.
Our history in the US dates back to 1902, and we are currently present in eight locations throughout the Americas. Our Americas franchise focuses on financial institutions and select corporations and plays a key role in facilitating trade and investment flows between the Americas and Asia, Africa, and the Middle East.
Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges.