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From its new trade finance partnership with Standard Chartered Americas, Truist Bank will enable its clients to enhance their ability to conduct global business. Through an agreement announced 19 September 2023 between the banks, Standard Chartered will provide centralized processing, analytics, and tracking services which will permit Truist’s corporate and commercial clients to benefit from Standard Chartered’s ability to fulfill their trade finance needs in emerging markets in Asia, Africa and the Middle East.
Under the arrangement, Truist clients seeking to buy or sell goods and services in markets where Standard Chartered has a presence will be able to confirm, advise, or discount commercial letters of credit through Standard Chartered. As explained in a Standard Chartered news release, regarding standby LCs, “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.”