Scotiabank has expanded its supply chain financing capabilities through an agreement with Wells Fargo, which will see the financial services player providing factoring and treasury services to the Canadian bank through its relevant subsidiaries, Wells Fargo Century and Global Correspondent Banking.
The accord will enable Scotiabank to provide its global client base with "more financing options to accelerate their accounts receivables so they can concentrate on managing and growing their business," according to Alberta Cefis, executive vice-president and group head, global transaction banking, Scotiabank.
The union will see the resources of multiple teams within Wells Fargo directed towards providing financing to companies outside of North America, particularly Latin America, and capitalises on Scotiabank's imminent move into offering immediate pre- and post-export financing to its client through its commercial banking centre in the Dominican Republic.
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