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Wells Fargo and Indian Bank Announce Trade Services Agreement

^{Published on 2011-09-30 05:45:36 - Market Wire}
 

SAN FRANCISCO--([ BUSINESS WIRE ])--Wells Fargo & Company (NYSE:WFC) today announced it will act as a trade services provider for Indian Bank. Wells Fargo and Chennai-based Indian Bank signed a Memorandum of Understanding (MOU) last week at SIBOS in Toronto.

"India remains one of the fastest emerging markets and continues to be of great importance to Wells Fargo and our customers"

aIndia remains one of the fastest emerging markets and continues to be of great importance to Wells Fargo and our customers,a said Peter Connolly, head of Wells Fargoa™s Global Transaction Banking Group. aAs 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.a

As a leading provider of import and export services to customers in India and with over 700 team members in Hong Kong, Wells Fargoa™s network in Asia is able to offer Indian Bank with a variety of trade products and services.

aWe appreciate Wells Fargoa™s role in offering trade processing services to Indian Bank customers,a said T.M. Bhasin, chairman and managing director Indian Bank. aThis will help our bank expedite advising of letters of credit and negotiation services for our customers- especially across South East Asia and China.a

Recently named aBest U.S. Trade Banka (Trade Finance Magazine, 2011), and aBest Outsourcing Trade Bank in Asiaa (Global Trade Review, 2011), Wells Fargo offers global financial institutions a wide range of international services, including trade services to help customers manage risk and increase efficiency. Based on its MOU with Indian Bank, Wells Fargo will provide trade processing capabilities, including the Hong Kong letter of credit re-issuance option in locations where Wells Fargo has branch outlets (United States, Hong Kong, Tokyo, Seoul, Shanghai, Singapore, Taiwan and London) in order to improve efficiency in letter of credit processing for Indian Banka™s customers. Wells Fargo will also offer document examination services which will help Indian Banka™s domestic branch network to improve efficiency and reduce operational risk.

About Wells Fargo

Wells Fargo International Group serves small businesses, corporations, financial institutions, multilateral organizations and individuals with a wide range of international solutions from more than 30 global locations, including branches in Hong Kong, London, Seoul, Shanghai, Singapore, Taipei, Tokyo and the Cayman Islands.

Wells Fargo & Company (NYSE:WFC) is a nationwide, diversified, community-based financial services company with $1.3 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com and wachovia.com), and other distribution channels across North America and internationally. With approximately 275,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked No. 23 on Fortunea™s 2011 rankings of Americaa™s largest corporations. Wells Fargoa™s vision is to satisfy all our customersa™ financial needs and help them succeed financially.

About India Bank

Indian Bank isa Chennai head quartered government of India owned bank founded in 1907. Indian Bank has a modern fully integrated IT platform to service banksa™ pan-India network of 1900 branches, 1180 ATMsand international presence at Singapore & Colombo. The bank is engaged indiversified banking activities providing a wide range of commercial banking services including retail and corporate banking, treasury, wealth management, Insurance, Agriculture, Education, Merchant bankingand Rural Credit through a team of over 19,300 strong. Indian Bank is a pioneer in introducing Micro-financing through Self help groups and a Leader in the financial inclusion & rural development drive.