Taiwan-based Bank of Overseas Chinese is to outsource its letter of credit processing to The Bank of New York.
BOOC operates 58 branches in Taiwan and three subsidiaries and offers a full range of retail and business banking products to the Taiwanese market along with trade finance and foreign exchange operations.
Kenneth Lopian, senior vice president, and Asia/Pacific division head at The Bank of New York, says: "This appointment is further evidence of the bank's commitment to trade processing in support of our correspondent clients on a global basis."