BoA wins China trade finance gig
(7 November 2007 – China) Bank of America has been mandated to provide trade finance services for China’s Dongguan Kingsun Metals and Plastics Manufacturing (Kingsun) under its vendor financing program.
Kingsun said it chose BoA in the tender in order to leverage the US bank’s relationships with buyers.
Some 80 percent of Kingsun’s major buyers reside in the US and are BoA customers.
As part of its vendor financing program, BoA provides competitively priced trade finance services, such as letters of credit, open account bills and private label letters.
BoA, head of global product solutions for Asia, Richard Brown, said the bank’s program could be customised for each supplier and built upon the bank’s extensive relationship with Kingsun’s customers.
Some 80 percent of Kingsun’s major buyers reside in the US and are BoA customers.
As part of its vendor financing program, BoA provides competitively priced trade finance services, such as letters of credit, open account bills and private label letters.
BoA, head of global product solutions for Asia, Richard Brown, said the bank’s program could be customised for each supplier and built upon the bank’s extensive relationship with Kingsun’s customers.
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