Bank of New York and Sovereign Bank have announced a global trade services alliance by which Bank of New York will provide Sovereign Bank’s customers access to its global network and suite of internet-enabled trade services products.
Under this agreement, Bank of New York will also assume Sovereign Bank’s import letter of credit and export documentary collection processing, which will be handled through The Bank of New York’s operation centres in
- New York and Asia.
“Sovereign Bank customers will be able to use The Bank of New York’s advanced Internet technology, imaging capability and expertise in international trade processing,” says Dennis Dubois, senior vice-president and director of Sovereign Bank’s International Trade Banking Group. “Our customers will greatly benefit from efficiencies gained from The Bank of New York’s systems and processing facilities. Our clients will also gain access to The Bank of New York’s global network, which will enable us to service their trade processing needs worldwide.”
Howard Bascom, managing director of Bank of New York’s Global Trade Financial Services Division, adds, “We are extremely pleased to partner with Sovereign Bank in this exciting initiative. This arrangement will seamlessly provide enhanced services to Sovereign’s customers by capitalising on our global trade processing strengths and market leading technology.”
Sovereign Bancorp, Inc, headquartered in Philadelphia, Pennsylvania, is the parent company of Sovereign Bank, a US$40bn financial institution with about 530 community banking offices, more than 1,000 ATMs and about 7,500 team members in Connecticut, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, and Rhode Island. Sovereign Bank is one of the top 25 largest banking institutions in the United States.
Bank of New York, founded in 1784 by Alexander Hamilton, is the United States’ oldest bank and is the principal subsidiary of The Bank of New York Company, Inc, a financial holding company. With over US$80bn in total assets as of September 30, 2002, the company provides a complete range of banking and other financial services to corporations and individuals worldwide through its basic businesses, namely, securities servicing and global payment services, corporate banking, BNY asset management and private client services, retail banking, and global market services.