Standard Chartered Bank and BayernLB have signed a strategic cooperation agreement in trade finance for Asia, creating new opportunities for German corporates to execute their business in the region’s growth markets of the region.
Representatives of both banks signed a cooperation agreement in Frankfurt to mark the official start of the cooperation, which will enable Bavaria-based BayernLB to strengthen its international expertise and to offer German corporate clients and savings banks an extended range of services for their business in Asia.
Standard Chartered’s network extends to over 800 branches and offices in 23 countries across Greater China, ASEAN, Japan, Australia, India and Pakistan. The banks will offer BayernLB its network of correspondent banks to offer customers trade finance products to cover their exports to even more countries.
The cooperation is seen as creating opportunities for both banks. Standard Chartered will benefit from BayernLB’s access to large and medium-sized German corporates operating in Asia and their business partners in the region, while BayernLB will finance the exports of German companies doing business with Standard Chartered’s customers in Asia.
“We are delighted that this cooperation with the experts on Asia at Standard Chartered will enable us to offer even better services to our clients covering the whole Asian growth region”, said Michael Bücker, member of the board of management of BayernLB responsible for corporate customers.
“Via a single point of contact at BayernLB, corporates, small and medium enterprises (SMEs) and savings banks will now be able to handle their imports and exports with Asia in a more expedient manner. Thus, we are further strengthening our profile as a Bavarian bank for German businesses operating in global markets.”
“We are looking forward to bringing our capabilities and the full extent of our network in Asia to BayernLB’s clients”, said Alex Manson, global head of transaction banking at Standard Chartered.
“We already have an excellent working relationship with BayernLB but both banks are keen to do even more together, for the mutual benefit of our respective clients. This partnership will allow us both to increase the scope of cross-border payment services, trade finance and trading operations we provide between Germany and Asia.”
BayernLB added that it expects the cooperation agreement to attract new customers among export-oriented German Mittelstand companies in the coming years and also anticipates considerable growth in the volume of trade finance products with Asia.
The General Data Protection Regulation (GDPR) will be enacted on May 25 2018 and promises to revolutionise the way that firms collect, store, process and protect the personal information of customers, clients and employees.
Today sees the publication of set of global principles of good practice in the foreign exchange market.
The one-notch downgrade by the credit ratings agency is the first for nearly 30 years.
The new rules aim to prevent companies overpaying tax and to increase the competitiveness of the eurozone.