Due to a growing interest in Citi’s global trade initiative, ING Bank and Santander have announced that they will co-sponsor the programme. The announcement was made at this year’s Sibos event.

The programme, which was launched during Sibos 2010, aims to help trade banks support global trade and grow their trade finance portfolios.

It also offers trade banks the ability to fund originated trade finance assets in a capital and balance sheet manner through issuances of asset-backed securities and commercial paper.

Juultje van der Wijk, ING’s global head of trade finance services says: “Three top-tier banks contributing assets to the underlying trade asset portfolio ensures the diversified portfolio of high quality short-term funded dollar assets. This is critical in a market where dollar liquidity funding is a priority for trade banks.”

John Ahearn, global head of trade at Citi adds:”The programme is designed to benefit the broader industry by establishing an origination and funding platform for trade banks with global market positions, creating a highly diversified and granular pool of assets ultimately translating into access to a new and wider investor base.”

Prior to Santander and ING’s sponsorship, the programme added Commerzbank as a partner bank, Citi confirms.