The US bank SunTrust Bank has joined forces with Citi to help support the international financing needs of its corporate clients.
Under the terms of the trade alliance, the scheme will see SunTrust participate letter of credit confirmation risk to Citi. Through transferring risks to Citi, SunTrust is able to expand its market coverage for clients. It will also use Citi’s operational trade processing capabilities to become more efficient and reduce costs.
SunTrust is also expanding its service area in Asia by using Citi’s Asian letter of credit relay programme, which also aims to standardise service levels and keep pricing consistent.
"By appointing Citi as a trade partner, SunTrust is enhancing its ability to support the international business needs of its clients, and expanding its market coverage by taking advantage of Citi’s extensive global network,” remarks John Ahearn, global head of trade at Citi’s global transaction services.
Susanne Keough, head of global trade solutions at SunTrust, adds: “With the implementation of the agreement, we have enhanced our capability to deliver products and services on a global basis with Citi, and will benefit from their extensive expertise in the global trade and treasury businesses.”
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