Wells Fargo & Company of the US has announced it will act as a trade services provider for Chennai-based Indian Bank as it seeks to improve its letter of credit (L/C) and other trade services in Asia.

The state-owned Indian Bank and Wells Fargo signed a Memorandum of Understanding (MoU) to this effect at September's SIBOS conference and exhibition in Toronto.

Regional capabilities

India, as one of the world's fastest emerging markets, is of great importance to Wells Fargo, according to a statement issued by the US bank.

The MoU with Indian Bank is thus part of Wells Fargo's efforts to deepen its capabilities and relationships in the country.

Asian network

With a staff of over 700 in Hong Kong, Wells Fargo's network in Asia aims to offer Indian Bank a variety of trade products and services in an area where it wants to broaden and deepen its trade services.

According to chairman and managing director Indian Bank, T M Bhasin, the agreement would "help our bank expedite advising of L/Cs and negotiation services for our customers - especially across South East Asia and China".

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