Singapore – Standard Chartered announced that it has joined IBOS Association (IBOS), an international banking network. A unique international alliance of some of the world’s largest banks, IBOS members collaborate to serve each other’s international clients in markets where they themselves do not operate. Standard Chartered’s rich history and extensive network across Asia, Africa, and the Middle East will complement IBOS’ strong geographic coverage in Europe and the Americas, thereby creating compelling global opportunities for clients of all member banks.
IBOS Managing Director, Manoj Mistry, commented: “I am delighted that Standard Chartered is joining IBOS, further strengthening our network across this key region and opening more doors in Asia for our clients. We are relishing this next chapter and we are thrilled to be working with Standard Chartered.”
Standard Chartered will initially add Singapore, India, mainland China, Hong Kong, Taiwan, and Malaysia to the IBOS network. In time, both parties will explore expanding the relationship to additional markets where Standard Chartered operates.
Speaking on behalf of Standard Chartered, Jiten Arora, Global Head, Commercial Banking, said: “Helping businesses to connect and grow internationally is central to our brand promise. We are pleased to be a part of IBOS, which will further strengthen our role as a strategic partner in our clients’ growth journeys. We also look forward to supporting internationalising mid-corporate clients of member banks who are keen to venture into the markets across our footprint and using our deep local knowledge to help them enter, navigate and prosper by accessing some of the most vibrant economies, trade corridors and supply chain ecosystems globally.”
Despite the current pandemic, IBOS remains open for business and the network is utilising technology to succeed at achieving its goals and ensuring that clients continue to have access to services as normal. IBOS also has its sights set on growth into the markets that the ever changing economic and geographical developments demand, as it continues to develop its expansion into Australasia.
Moreover, Manoj notes that: “Additional markets across Central and Eastern Europe are also being contemplated to serve the network as other banking association groups are starting to wind down.”
Matt Tuck, Head of Commercial Product, Service & Operations at NatWest Group, said: “As a long-standing member of IBOS since its inception in 1994, NatWest Group is delighted that with Standard Chartered’s membership, IBOS is extending its reach into Asia for the first time. As a market leading UK Commercial Bank, NatWest Group is looking forward to working even more closely with IBOS to support our clients’ international banking needs across this region.”
Chris Ward, Executive Vice President and Head of Product Management & Operations, PNC Treasury Management and IBOS Chair and Board of Directors’ member said: “The addition of Standard Chartered presents an incredible growth opportunity for the IBOS network and for its members.” He added: “The continued global expansion of the network will help to provide our members’ customers with the service and resources they need to be successful.”
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Since its launch in 1994, IBOS has developed into a global banking and cash management alliance, with its member banks now providing geographic coverage to clients across 75% of the globe as follows: Bank of Shanghai (China), CIC – Crédit Mutuel (France), Intesa Sanpaolo Group (Italy, Slovenia, Croatia), KBC (Belgium, Bulgaria, Czech Rep., Hungary, Slovakia), Nordea Bank (Denmark, Finland, Norway and Sweden), PNC Bank (USA), Royal Bank of Canada (Canada), NatWest Group, Santander Group (UK, Spain, Portugal, Poland and South America), Silicon Valley Bank (USA), Standard Chartered Bank (Hong Kong, Singapore, India, China, Taiwan and Malaysia) Ulster Bank (Ireland), UniCredit Group (Austria, Germany, Italy, Romania and Russia) and US Bank (USA).