Trade finance sees Copernican revolution

The shift to a client-centric approach and industry cooperation are enabling trade banks to reassert their relevance.

The move in trade finance away from bank issued letters of credit to open account has motivated trade banks to rethink their client offering. At a session entitled Innovative trade services - responding to evolving needs discussion focused on the need for banks to add value for corporate clients in order to maintain their relevance within trade finance.

Steven S. Nichols, managing director and head of global trade services at Wachovia, insisted that banks need to change the way they think about their clients.

It behoves us as banks not to try and justify the traditional model as a financial intermediary. We can do far more by...

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