Philadelphia-based Sovereign Bank is to provide its customers with access to The Bank of New York's global network and suite of Web-based trade products and services.
Under the global trade services agreement, the Bank of New York will also handle Sovereign Bank's import letter of credit and export documentary collection processing, through operation centres in New York and Asia.
Dennis Dubois, senior vice president and director, Sovereign Bank international trade banking group, says: "Our customers will greatly benefit from efficiencies gained from The Bank of New York's systems and processing facilities.
"Our clients will also gain access to The Bank of New York's global network, which will enable us to service their trade processing needs worldwide," adds Dubois.