Lloyds Banking Group said that as part of its commitment to support UK trade flows it has formed a partnership with Standard Chartered Bank to enhance the experience for clients importing from Asia.
It added that utilising Standard Chartered’s on the ground capabilities will enable Lloyds to directly issue import letters of credit (LCs) locally in 20 Asian markets, including key markets such as China, India and Korea. This arrangement provides UK clients with the benefit of local language and time zones, in-country document handing and local currency settlement, including Chinese renminbi (RMB).
“Lloyds Bank’s trade proposition is a key enabler of our ambition to become the best bank for UK clients,” said Andrew England, head of transaction banking, Lloyds Bank Commercial Banking.
“Standard Chartered’s Asian network is a powerful complement to Lloyds Bank’s UK-based operating model and strong local presence. This agreement will enable us to improve our product offering, accelerate our growth plans and is part of an ongoing strategy to strengthen our international partner network.”
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