Source: Deutsche Bank
Deutsche Bank today announced that its global guarantee and standby letter of credit program for financial institutions is gaining significant momentum with its newly-added guarantee capabilities out of New York.
Financial institutions around the world are now able to route their trade-related guarantee business in addition to their standby letters of credit via the Bank's expanding international network, allowing them to benefit from local expertise while leveraging its global processing capabilities.
While guarantees have been commonly issued in the global banking community and widely accepted in all business industries, banks in the US have been reluctant to provide guarantees and have only been utillizing standby letters of credit. By being the first Bank in the US to employ the ICC's new rules for Demand Guarantees, the URDG 758, Deutsche Bank AG, New York branch is now in a unique position to compete in the global guarantee as well as the standby letter of credit landscape.
Peter Knodt, Head of Trade Finance Financial Institutions, Global Transaction Banking, Deutsche Bank, said, "We are pleased with the positive interest and success in the market. The Bank's global guarantee and standby letter of credit program with the addition of guarantees in the US brings the world to our customers. With our broader guarantee capabilities we are able to further expand our relationships with US-based banks and global banks with business in the US."
Jon Richman, Global Product Head, Trade & Financial Supply Chain, Global Transaction Banking, Deutsche Bank, said, "We are continuing to gain a real competitive advantage through enhancements to our global guarantee and standby letter of credit program. In addition to adding new functionality out of New York, we are planning to further develop our imaging solutions as part of our real-time online reporting and monitoring tools."