Financial Daily from THE HINDU group of publications
Thursday, Nov 03, 2005
Financial Daily from THE HINDU group of publications Thursday, Nov 03, 2005 |
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Money & Banking
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Alliances & Joint Ventures StanChart, OBC in trade services pact Our Bureau
New Delhi , Nov. 2 STANDARD Chartered Bank has entered into a strategic tie-up termed as the `agency trade services agreement' with Oriental Bank of Commerce (OBC). The agreement envisages participation of Standard Chartered Bank in import letters of credit issued by select branches of OBC for the East Asian countries. The two banks will partner in negotiation and other trade-related services for these letters of credit. The agreement was signed here on Wednesday, by the Chairman and Managing Director, OBC, Mr K.N. Prithviraj, and the General Manager, South Asia, Standard Chartered Bank, Mr Jaspal Bindra. Mr Prithviraj said, "We have entered into this partnership, with a view to increasing our fee-based revenue streams." Mr Bindra said, "The arrangement is in a series of tie-ups with top performing banks in India, further consolidating our position in the financial institutions business."
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