First Union is the first U.S. bank to have representative offices in these countries approved this year.
The offices will facilitate trade for First Union's expanding domestic client base and serve as business development and service centers for local financial institution customers.
"These are high-growth markets for trade finance and sophisticated correspondent banking services," said Andy Oleksiw, managing director of First Union's International Division. "Throughout these markets, local financial institutions can benefit from First Union's expanded processing and capital markets capabilities, such as automated payment services, asset securitization and syndication programs."
According to the company, the core of First Union's global strategy is serving banks in emerging market countries with b trade and payment flows to the United States.
"This is a natural evolution of our business," said Steven Bash, senior vice president in First Union's International Division. "Each of these markets continues to show good economic progress and b growth in trade, and we look forward to expanding capabilities in these important regions."
Last year, First Union opened a representative office in Mumbai, India (formerly Bombay.) It operates offices in London, South Africa, and Hong Kong. First Union has an extensive correspondent network of more than 2,400 banks in 140 countries, allowing it to offer a comprehensive range of trade finance, capital markets products, international payments and international corporate banking services.
First Union Corporation is a leading provider of financial services to more than 12 million retail and corporate clients throughout the East Coast, the nation and the world. It is the nation's sixth-largest bank holding company with assets of approximately $143 billion.
-- FTU --
