Kingsun, a Chinese manufacturer and exporter of Christmas lighting, barbecue gas grills and steel household products, was seeking a more flexible, efficient and cost-effective solution for its trade financing needs.
Kingsun selected Bank of America to leverage the bankÆs relationships with buyers as some 80% of KingsunÆs major buyers in the United States are already Bank of America customers, the bank said in a statement.
Through its vendor financing programme, Bank of America offers lower-cost trade financing solutions including letters of credit, open account bills and private label letters of credit.
Richard Brown, head of global product solutions Asia for Bank of America, says: ôKingsun is focused on extending its relationships with suppliers through making available customised, low-cost financing solutions. Bank of AmericaÆs programme can be customised for each supplier and builds upon the bankÆs extensive relationship with KingsunÆs customers.ö