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Standard Chartered Americas partners with Truist Bank to boost Truist's global business capabilities.
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The partnership offers centralized processing and tracking services for trade finance, focusing on emerging markets.
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Chris Burtch, Head of Financial Institution Sales, highlights opportunities in dynamic emerging economies and regions.
Standard Chartered Americas, a leading international banking group, has announced that it has entered into a trade finance partnership with Truist Bank, a leading financial services company. The partnership is aimed at elevating the global business capabilities of Truist's clientele.
Truist holds a prominent market share in numerous high-growth markets within the country. The company also provides an extensive array of products and services across various sectors, including retail and small business banking, commercial banking, corporate and investment banking, insurance, wealth management, and specialized lending.
This strategic alliance between Truist Bank and Standard Chartered is designed to streamline and enhance the business landscape for importers and exporters operating in the United States. Standard Chartered will leverage its unique network, local know-how, cutting-edge infrastructure, and technology to offer centralized processing, tracking, and analytics services. Truist's corporate and commercial clients will gain invaluable support from Standard Chartered in fulfilling their trade finance requirements, particularly in emerging markets across Africa, Asia, and the Middle East.
Chris Burtch, Head of Financial Institution Sales at Standard Chartered Americas, stated
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.
[Source - Business Wire]
He further expressed their excitement about partnering with Truist and facilitating its clients' cross-border trade finance needs across their footprint. With their expertise in navigating the complex landscape of cross-border trade, he conveyed confidence in their ability to support Truist clients, help them achieve their business objectives, and unlock new opportunities for growth.
Key highlights of this partnership include
Export and Import Letters of Credit: Truist will benefit from access to Standard Chartered's extensive reach and real-time transaction monitoring capabilities across the entire documentary trade value chain. In markets where Standard Chartered has a presence, Truist clients engaged in the buying or selling of goods and services will have the ability to confirm, advise, or discount letters of credit through the Bank.
Standby Letters of Credit (SBLC): Truist clients will now be equipped to execute performance and commercial contracts with counterparts in markets necessitating localized expertise alongside local SBLC delivery capabilities. Standard Chartered's innovative solution will empower Truist to process and issue SBLCs from start to finish, utilizing the Bank's network to expedite turnaround times and provide transparent cost visibility.