The partnership, which will create opportunities for both banks, is aimed at enabling German corporates to execute their business in the growth markets of the region.
Through the partnership, BayernLB will be able to offer wider range of services to corporate clients in Germany and savings banks for their business in Asia.
BayernLB board of management member Michael Bücker said: “Via a single point of contact at BayernLB, corporates/SMEs and savings banks will now be able to handle their imports and exports with Asia in a more expedient manner.
“Thus, we are further strengthening our profile as a Bavarian bank for German businesses operating in global markets.”
Standard Chartered has an extensive network in Asia, with over 800 branches and offices in 23 countries.
Besides, BayernLB will offer customers trade finance products to cover their exports to even more countries, by using Standard Chartered's extensive network of correspondent banks.
On the other hand, Standard Chartered is expected to benefit from BayernLB’s access to large and medium-sized German corporates doing business in Asia.
BayernLB will finance the exports of German companies doing business with Standard Chartered’s customers in Asia.
Standard Chartered transaction banking global head Alex Manson said: “This partnership will allow us both to increase the scope of cross-border payment services, trade finance and trading operations we provide between Germany and Asia.”
Using the new cooperation, BayernLB expects to gain new customers among export-oriented German Mittelstand companies in the coming years.
Image: BayernLB Munich head office. Photo courtesy of BayernLB.
