Commonwealth Bank of Australia (CBA) has announced that it has signed an agreement with Bolero that the bank hopes will enable it to provide improved trade finance services to its customers.

The bank specifically hopes that by using Bolero, it will be able to deliver improved bank guarantee and letter of credit (L/C) services to customers.

Improved services

Under its agreement with Bolero, CBA reckons it will be able to improve its market position in the provision of online trade financing both for its own customers and for those who use its Bolero-enabled services as a multi-bank service.

According to the bank's general manager for global transaction services, Tony Sacre, the partnership with Bolero complements CBA's Total Capital Solutions (TCS) initiative.

The TCS offering aims to give clients better access to debt, equity, risk management, transaction banking and trade finance solutions.

Guarantees and L/Cs

Sacre also thinks the tie up will help specific aspects of the bank's trade finance offering.

"Particularly in the areas of guarantees and documentary credits, we recognise the opportunity to deliver significant value to our customers," he said in respect of the services enabled by the partnership with Bolero.

This article represents the views of the author and not necessarily those of the ICC or any of the other partners in DC-PRO.