Citi’s Global Transaction Services business and US-based SunTrust Bank have entered into a trade alliance to serve the international needs of SunTrust’s corporate clients.
Reportedly, under the arrangement, SunTrust will share L/C (letter of credit) confirmation risk with Citi, enabling SunTrust to expand market coverage for its clients; leverage Citi’s operational trade processing capabilities to increase efficiencies and reduce product unit costs, and expand its service area in Asia using Citi’s Asian L/C Relay Program to facilitate standardized service levels, consistent pricing, and improved service for clients who import and their global suppliers.
SunTrust Bank has said that teaming up with Citi also allows it to deliver improved product capabilities including the ability to leverage a global bank’s trade product offerings, online capabilities and global in-market resources.
Susanne Keough, head of global trade solutions at SunTrust, said: “Serving the international product needs of our clients is of critical importance to SunTrust and we recognize the growing importance of international trade to our client base. 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.”
John Ahearn, global head of trade at Citi’s Global Transaction Services, said: “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.”
