Sovereign Bank has forged a trade alliance with technologically savvy Bank of New York (BoNY) under which the latter will undertake import letter of credit (L/C) and export documentary collection processing for the former.

The alliance essentially enables Sovereign's customers to access to BoNY's global network and suite of Internet-enabled trade services products.

Worldwide reach

Under the agreement, BoNY will assume Sovereign's import L/C and export documentary collection processing, which will be handled through BoNY's operation centres in New York and Asia.

Senior vice president and director of Sovereign Bank's International Trade Banking Group, Dennis Dubois says his bank's customers will benefit from efficiencies gained from BoNY's and this "will enable us to service their trade processing needs worldwide."

Sovereign, a US$40 billion financial institution with representation in Connecticut, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, and Rhode Island, claims to be one of the top 25 largest banking institutions in the United States.

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