Wells Fargo & Co. said Friday that it has struck a deal to provide trade-finance services to Indian Bank in Chennai, India.
Under the memorandum of understanding signed last week at the technology trade show Sibos in Toronto, Wells Fargo will provide trade-processing capabilities to the commercial bank owned by the Indian government.
This will include the Hong Kong letter of credit re-issuance option in locations where Wells Fargo has branches. Wells Fargo also will offer document examination services to help Indian Bank's domestic branches improve efficiency and reduce operational risk.
"India remains one of the fastest emerging markets and continues to be of great importance to Wells Fargo and our customers," Peter Connolly, head of Wells Fargo's global transaction banking group, said in a press release Friday.
"As we continue to deepen our capabilities and relationships in the region, we are pleased to partner with Indian Bank to help them provide world-class trade products and services to its customers."
