Standard Chartered has won a mandate to support the trade and cash management activities of US-based corporate Honeywell in Iraq.

Via its electronic platform Straight2Bank, Standard Chartered will provide Honeywell with trade finance guarantees and a credit line to open bank accounts for the company’s two Iraqi entities: in central Iraq and in Erbil. The bank intends to offer cash management advisory services and solutions to Honeywell that will provide greater visibility of its cash flow throughout the country.

According to CEO at Standard Chartered Iraq, Gavin Wishart, it is the only international bank offering “world-class” financial services in the country.

“This mandate is perfectly aligned to our strategy in Iraq and is testament to our continued commitment to our clients in the country,” he says.

Standard Chartered launched its Iraq operations in November 2013 and is the only international bank with two branches on the ground: in Baghdad and Erbil. According to a statement by the bank, it mainly focusses on supporting existing multinational clients in the oil and gas, telecoms, infrastructure and power sectors.