Spain's CaixaBank says it has captured market shares above 30 per cent in import and export documentary letters of credit (L/Cs) and in guarantees used for business transactions between Spain and the Southeast and Central Asia region.

The bank is celebrating its tenth anniversary of opening offices in India and Singapore from which it offers support in foreign trade, business banking and corporate banking services in 16 countries in Southeast and Central Asia.

Country coverage

Since 2011, the bank has been operating in Singapore where its office provides support services to CaixaBank business customers in their foreign trade and investment activity in 11 countries: Singapore, Malaysia, Indonesia, Thailand, Philippines, Vietnam, Cambodia, Laos, Myanmar, Brunei and South Korea.

In the same year, CaixaBank opened its representative office in New Delhi where it

offers foreign trade and investment services and support to CaixaBank business customers with interests in the region, as well as to companies in India and neighbouring countries, including Bangladesh, Sri Lanka, Nepal and Maldives.

Record L/C figures

In Singapore, CaixaBank is reporting record-breaking market figures for the bank. As of the end of October 2021, the representative office in Singapore held a market share of 34.5 per cent in export L/Cs, 29.8 per cent in import L/Cs and 33 per cent in guarantees managed between Spain and the countries covered by the office.

In India, the bank held a market share of 33.1 per cent in export L/Cs, 33.6 per cent in import L/Cs and 39.5 per cent in guarantees managed between Spain and the countries covered by the office as of the end of October 2021.

This article represents the views of the author and not necessarily those of the ICC or Coastline Solutions.