Bank of America wins China mandate

The bank will help to restructure the trade finance arrangements of Dongguan Kingsun Metals and Plastics Manufacturing.
Bank of America global product solutions (GPS) has won the trade finance mandate from Dongguan Kingsun Metals and Plastics Manufacturing (Kingsun) under its vendor financing programme.

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
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