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Lloyds Bank has initiated a strategic trade collaboration with UBS to bolster its global presence, aiding its UK-centric clientele to conduct business across 170 nations globally.
Through this pact, the clientele of Lloyds Bank can now tap into a 700-strong worldwide banking network and access Export Letters of Credit.
This move amplifies Lloyds Bank’s international ambit and footprint, whilst diminishing clients’ exposure when exporting commodities to virtually any part of the globe.
Utilising an export letter of credit provides businesses with the assurance of dispatching goods, confident of a guaranteed payment, provided all stipulations of the letter of credit are strictly adhered to. This avenue also introduces financing possibilities like discounting, allowing enterprises to secure payments in advance.
A recent study by The Institute of Export and International Trade (IOE&IT) posits that for exporting enterprises, nearly half (49%) of their turnover is directly attributed to export sales.
The same research further indicates that the advantages aren’t solely monetary; 82% claim exporting has spurred innovation, 79% have augmented their staff strength, 80% have broadened their product line-up, and 81% have embarked on digital transformation.
Mansour Davarian, Head of Trade & Working Capital Sales at Lloyds Bank, said, “Helping our customers to access new markets has never been more important. Global export volumes have been on a rollercoaster in recent years, with many UK-based businesses struggling to take advantage of lucrative opportunities overseas.
“Our new partnership with UBS gives us the capability and reach to support clients exporting to more countries than ever before. It should also provide more evidence of the power of partner banking to help businesses overcome barriers to trade. We’re excited to continue growing our own network.”
Markus R. Meyer, Head CIC Transaction Banking Products at UBS, added, “Our partnership with Lloyds Bank leverages our worldwide footprint and it is with great pleasure that we see them expand their partner network. Export Letters of Credit are a lynchpin of international trade and improving their provision is an important way for the global banking community to facilitate the economic benefits offered by exporting.”
