Lloyds Banking Group partners with StanChart to upgrade Asian trade services

Importing to be imporved in 20 Asian markets.

In a release, Lloyds Banking Group announced a partnership with Standard Chartered Bank which will enhance the experience for clients importing from Asia.

Utilising Standard Chartered’s on the ground capabilities will enable Lloyds Bank to directly issue import letters of credit locally in 20 Asian markets, including key markets such as China, India and Korea. 

This arrangement provides UK clients with the benefit of local language and time zones, in-country document handing and local currency settlement, including Chinese Renminbi.

Andrew England, Head of Transaction Banking, Lloyds Bank Commercial Banking comments: “Lloyds Bank’s trade proposition is a key enabler of our ambition to become the best bank for UK clients. Standard Chartered’s Asian network is a powerful complement to Lloyds Bank’s UK-based operating model and strong local presence.

This agreement will enable us to improve our product offering, accelerate our growth plans and is part of an ongoing strategy to strengthen our international partner network.”

“We are delighted to be working with Lloyds to support their clients who are seeking access to the emerging markets of Asia,” says Karen Fawcett, Group Head of Transaction Banking, Standard Chartered.

“With trade between emerging and developed markets expected to represent 60% of global trade in 2030, we are confident that our network, local presence and 150 years of experience will support their growth aspirations.”