Corporates and savings banks to benefit from broad Asian network in 23 countries across the region
Munich/London – BayernLB and Standard Chartered Bank (Standard Chartered) have entered into a strategic cooperation in trade finance in Asia, creating new opportunities for German corporates to execute their business in the growth markets of the region. On November 10th, 2016, representatives of both banks signed a cooperation agreement in Frankfurt to mark the official start of the cooperation.
Through the cooperation BayernLB strengthens its international expertise and will now be able to offer corporate clients in Germany and savings banks an even wider range of services for their business in Asia. Standard Chartered has an extensive network of over 800 branches and offices in 23 countries across Greater China, ASEAN, Japan, Australia, India and Pakistan. In addition, BayernLB will be able to use Standard Chartered's extensive network of correspondent banks to offer customers trade finance products to cover their exports to even more countries.
The new cooperation will create opportunities for both banks. Standard Chartered will benefit from BayernLB’s access to large and medium-sized German corporates doing business in Asia and their business partners in the region. For its part, BayernLB will finance the exports of German companies doing business with Standard Chartered’s customers in Asia.
“We are delighted that this cooperation with the experts on Asia at Standard Chartered will enable us to offer even better services to our clients covering the whole Asian growth region”, said Michael Bücker, member of the Board of Management of BayernLB responsible for corporate customers. “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.”
“We are looking forward to bringing our capabilities and the full extent of our network in Asia to BayernLB’s clients”, said Alex Manson, Global Head of Transaction Banking at Standard Chartered. “We already have an excellent working relationship with BayernLB but both banks are keen to do even more together, for the mutual benefit of our respective clients. 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.”
As a result of the cooperation, BayernLB expects to attract new customers among export-oriented German Mittelstand companies in the coming years. It also anticipates considerable growth in the volume of trade finance products with Asia.