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Global Trade Finance TD Bank

SIBOS: BOSTON, NEW YORK – Citi Markets & Banking and TD Banknorth, N.A., announce today that Citi has been appointed by TD Banknorth to provide an Asian re-issuance processing service for TD Banknorth's commercial letters of credit to the region. Through this offering, TD Banknorth will be able to access Citi's Global Transaction Services' extensive trade network and will be able to take advantage of Citi's document checking services. Processing will be carried out primarily by Citi's trade operations center in Penang, Malaysia.

Bennett Schwartz, Senior Vice President and Director of International Banking at TD Banknorth, said, “Citi's ability to provide TD Banknorth with a number of different options gave us the opportunity to select the processing solution that best met our needs and to access the additional resources we require to grow our business. Citi's local support in the US, combined with its links to Asia and around the world, makes them an ideal partner for us.”

John Ahearn, Managing Director and Global Head of Trade Services at Citi, remarked, “Citi's appointment by TD Banknorth, a major U.S. regional bank, illustrates how our worldwide network and local market expertise come together to provide our clients with best-in-class solutions.”

Sankar Krishnan, Director and Canada Trade Head said, “Our growing relationship with TD Banknorth reflects our dedication and commitment to the financial institutions market. In addition, our network of more than 3, 000 correspondent banks allows us to support TD Banknorth by mitigating certain cross-border risks. In selecting Citi to assist them in Asia, TD Banknorth can leverage this superior network and benefit from Citi's own consistent service across the region.”

With a market-leading network spanning 72 countries and 113 cities, Trade Services and Finance, part of the Global Transaction Services division of Citi Markets & Banking, delivers comprehensive solutions to suppliers and buyers worldwide. Clients benefit from the innovative ideas of Citi's trade professionals, enabling them to manage risk, improve working capital, control trade flows and multiple currency cash flows, and access information to facilitate the management of trade activities.

In the 2007 Trade Finance Magazine's Awards for Excellence Citi was named the Best Trade Services Bank, Best Short-Term Finance Bank, Best Export Finance Arranger and Best Regional Bank in Asia as well as Best Trade Finance Bank in Malaysia, Philippines, Singapore, and Vietnam. In addition, Global Finance magazine named Citi World's Best Global Bank for Trade Finance, World's Best Trade Finance Bank and Provider for The Americas and Mexico, and the Best Trade Services Bank for Latin America and Central and Eastern Europe.

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Popular Q&A

What is the nature of work and opportunities in trade finance of a bank..thanks?

In the imports and exports business of bank's customers. And their financing of international trade. Like the issuance of Letter of credits for their customers.

Why trade finance is attractive to banks?

low risk,profitable,self liquidating and can cross sell

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