A Wells Fargo & Company subsidiary has won an award from an insurance magazine for its provision of letter of credit (L/C) alternatives that meet insurance and surety-related collateral requirements.

Wells Fargo Bank has been named Global Best Bank for Insurance Trusts by Intelligent Insurer magazine.

Alternative solution

The bank's Corporate Trust Services offers insurance trust products that it claims provide simple and comprehensive alternatives to L/Cs to meet insurance and surety-related collateral requirements.

According to Wells Fargo Bank, these trusts offer cost savings and ease of use over L/Cs and are widely accepted by companies requiring collateral for these programmes.

Double award

This is the second year in a row that the San Francisco-headquartered financial services group has won this award.

The bank has also been named Best Collateral Service Provider by CaptiveReview.com.

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