A top US commercial bank is aiming to help customers expand or tap new markets in Asia, Africa and the Middle East by offering a range of letters of credit (L/Cs) via Standard Chartered Americas' network in some of the world's fastest developing markets.

Truist, a top 10 US commercial bank with total assets of US$555 billion as of 30 June 2023, says its trade finance partnership with StanChart will enhance clients' ability to conduct global business.

Partnership outline

Through this strategic partnership, Truist Bank and StanChart aim to create a seamless and efficient business environment for importers and exporters in the US.

StanChart will provide centralised processing, analytics and tracking services by leveraging its unique network, local expertise, infrastructure, and technology.

Truist's corporate and commercial clients will benefit from StanChart's ability to fulfil their trade finance needs in emerging markets in Asia, Africa and the Middle East.

Export and Import L/Cs

Truist will gain access to StanChart's footprint and ability to monitor transactions in real time for the entire value chain of documentary trade.

Truist clients that want to purchase or sell goods and services will be able to confirm, advise, or discount L/Cs through StanChart in markets where it has a presence.

Standby L/Cs

Truist clients can execute performance and commercial contracts with counterparts in markets that require local knowledge and expertise in addition to local standby L/C delivery capabilities.

The trade finance partnership will allow Truist to process and issue standby L/Cs end-to-end using StanChart's network to improve turnaround times and provide transparency on cost.

Anticipated benefits

"The partnership presents immense opportunities for companies looking to expand their reach and tap into new markets," says head of financial institution sales at StanChart Americas, Chris Burtch.

"Many of Truist's corporate and commercial clients operate in the global economy and require solutions that allow them to complete transactions effectively across borders and throughout the supply chain," says head of wholesale payments at Truist, Chris Ward.

"This partnership will allow our clients to more efficiently achieve their goals, scale their business, invest in their teams and build their communities," he concludes.

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