A trade processing partnership has been signed between BNY Mellon, Helaba (Landesbank Hessen-Thuringen) and the G25, which represents the 25 largest Sparkassen in Germany.
The partnership with Helaba and the Sparkassen will attract new trade flows to Germany, with BNY Mellon as the business entry point for small and medium sized enterprises seeking to trade with the Asia Pacific (APAC) region.
In return, Helaba and Sparkassen will route letters of credit from German importers through BNY Mellon’s branch network.
Klaus-Jorg Mulfinger, designated management board member of Helaba and responsible for business with the Spakassen, said: “This agreement strengthens Helaba’s position as a trade finance partner. With export flows on the rise, the Sparkassen need to prove adequate trade finance support to their corporate clients.”
“Helaba is committed to helping the Sparkassen meet these client needs by providing an extensive array of trade finance products, buyer credit and forfaiting, and the assumption of bank and country risk.”
Deputy chief executive officer at Kreissparkasse Koln, Josef Hastrich, said: “The G25 Sparkassen and Helaba are proud of this strong partnership regarding the important trade finance and letter of credit business.”
Ian Stewart, CEO of treasury services at BNY Mellon, said: “This deal helps connect the famed Mittelstand with the fastest growing region in the world. We will provide a common solution for Helaba and Germany’s Sparkassen which will give them access to out network of correspondent banks in APAC.”
“Helaba and the Sparkassen will be able to leverage our strong brand presence in Asia where we have been based for over half a century. This, in turn, will help German companies drive export growth into new and exciting markets.”
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