Wells Fargo and Indian Bank Announce Trade Services Agreement

<p><location value="LU/us.ca.sanfrn" idsrc="xmltag.org">SAN FRANCISCO</location>--(BUSINESS WIRE)-- <org value="NYSE:WFC" idsrc="xmltag.org">Wells Fargo & Company</org> (NYSE:WFC) today announced it will act as a trade services provider for Indian Bank. <org value="NYSE:WFC" idsrc="xmltag.org">Wells Fargo</org> and <location value="LU/in..chnnai" idsrc="xmltag.org">Chennai</location>-based Indian Bank signed a Memorandum of Understanding (MOU) last week at SIBOS in <location value="LU/ca.on.tornto" idsrc="xmltag.org">Toronto</location>. </p><p> “India remains one of the fastest emerging markets and continues to be of great importance to <org value="NYSE:WFC" idsrc="xmltag.org">Wells Fargo</org> and our customers,” said <person>Peter Connolly</person>, head of Wells Fargo’s <org>Global Transaction Banking Group</org>. “As we continue to deepen our capabilities and relationships in the region, we are pleased to partner with Indian Bank to help them provide world-class trade products and services to its customers.” </p><p> As a leading provider of import and export services to customers in <location value="LC/in" idsrc="xmltag.org">India</location> and with over 700 team members in <location value="LC/hk" idsrc="xmltag.org">Hong Kong</location>, Wells Fargo’s network in <location value="LR/asp" idsrc="xmltag.org">Asia</location> is able to offer Indian Bank with a variety of trade products and services. </p><p> “We appreciate Wells Fargo’s role in offering trade processing services to Indian Bank customers,” said <person>T.M. Bhasin</person>, chairman and managing director Indian Bank. “This will help our bank expedite advising of letters of credit and negotiation services for our customers- especially across <location value="LR/asp" idsrc="xmltag.org">South East Asia</location> and China.” </p><p> Recently named “Best U.S. Trade Bank” (<i><org>Trade Finance Magazine</org>, 2011</i>), and “Best Outsourcing Trade Bank in Asia” (<i>Global Trade Review, 2011</i>), <org value="NYSE:WFC" idsrc="xmltag.org">Wells Fargo</org> offers global financial institutions a wide range of international services, including trade services to help customers manage risk and increase efficiency. Based on its MOU with Indian Bank, <org value="NYSE:WFC" idsrc="xmltag.org">Wells Fargo</org> will provide trade processing capabilities, including the <location value="LC/hk" idsrc="xmltag.org">Hong Kong</location> letter of credit re-issuance option in locations where <org value="NYSE:WFC" idsrc="xmltag.org">Wells Fargo</org> has branch outlets (<location value="LC/us" idsrc="xmltag.org">United States</location>, <location value="LC/hk" idsrc="xmltag.org">Hong Kong</location>, <location value="LU/jp..tokyo" idsrc="xmltag.org">Tokyo</location>, <location value="LU/kr..seoul" idsrc="xmltag.org">Seoul</location>, <location value="LU/cn..shangh" idsrc="xmltag.org">Shanghai</location>, <location value="LC/sg" idsrc="xmltag.org">Singapore</location>, <location value="LC/tw" idsrc="xmltag.org">Taiwan</location> and <location value="LU/gb.eng.london" idsrc="xmltag.org">London</location>) in order to improve efficiency in letter of credit processing for Indian Bank’s customers. <org value="NYSE:WFC" idsrc="xmltag.org">Wells Fargo</org> will also offer document examination services which will help Indian Bank’s domestic branch network to improve efficiency and reduce operational risk. </p><p><b>About <org value="NYSE:WFC" idsrc="xmltag.org">Wells Fargo</org></b></p><p><org>Wells Fargo International Group</org> serves small businesses, corporations, financial institutions, multilateral organizations and individuals with a wide range of international solutions from more than 30 global locations, including branches in <location value="LC/hk" idsrc="xmltag.org">Hong Kong</location>, <location value="LU/gb.eng.london" idsrc="xmltag.org">London</location>, <location value="LU/kr..seoul" idsrc="xmltag.org">Seoul</location>, <location value="LU/cn..shangh" idsrc="xmltag.org">Shanghai</location>, <location value="LC/sg" idsrc="xmltag.org">Singapore</location>, <location value="LU/tw..taipei" idsrc="xmltag.org">Taipei</location>, <location value="LU/jp..tokyo" idsrc="xmltag.org">Tokyo</location> and the <location value="LC/ky" idsrc="xmltag.org">Cayman Islands</location>. </p><p><org value="NYSE:WFC" idsrc="xmltag.org">Wells Fargo & Company</org> (NYSE:WFC) is a nationwide, diversified, community-based financial services company with <money>$1.3 trillion</money> in assets. Founded in 1852 and headquartered in <location value="LU/us.ca.sanfrn" idsrc="xmltag.org">San Francisco</location>, <org value="NYSE:WFC" idsrc="xmltag.org">Wells Fargo</org> provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (<a href="http://wellsfargo.com">wellsfargo.com</a> and <a href="http://wachovia.com">wachovia.com</a>), and other distribution channels across <location value="LB/nam" idsrc="xmltag.org">North America</location> and internationally. With approximately 275,000 team members, <org value="NYSE:WFC" idsrc="xmltag.org">Wells Fargo</org> serves one in three households in America. <org value="NYSE:WFC" idsrc="xmltag.org">Wells Fargo & Company</org> was ranked No. 23 on<i> Fortune’s</i> 2011 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially. </p><p><b>About <org>India Bank</org></b></p><p> Indian Bank is a <location value="LU/in..chnnai" idsrc="xmltag.org">Chennai</location> head quartered government of <location value="LC/in" idsrc="xmltag.org">India</location> owned bank founded in 1907. Indian Bank has a modern fully integrated IT platform to service banks’ pan-<location value="LC/in" idsrc="xmltag.org">India</location> network of 1900 branches, 1180 ATMs and international presence at <location value="LC/sg" idsrc="xmltag.org">Singapore</location> & Colombo. The bank is engaged in diversified banking activities providing a wide range of commercial banking services including retail and corporate banking, treasury, wealth management, Insurance, Agriculture, Education, Merchant banking and Rural Credit through a team of over 19,300 strong. Indian Bank is a pioneer in introducing Micro-financing through Self help groups and a Leader in the financial inclusion & rural development drive. </p><p></p><p><img alt="" src="http://cts.businesswire.com/ct/CT?id=bwnews&sty=20110930005222r1&sid=acqr4&distro=nx" /><span class="bwct31415" /></p><p> For <org value="NYSE:WFC" idsrc="xmltag.org">Wells Fargo & Company</org><br /><b>Media</b><br /><person>Katie Ellis</person>, 415-222-3767<br /><a href="mailto:[email protected]">[email protected]</a><br />or<br /><b>Media</b><br /><person>Alan Elias</person>, 415-722-8529<br /><a href="mailto:[email protected]">[email protected]</a></p><p>Source: <org value="NYSE:WFC" idsrc="xmltag.org">Wells Fargo & Company</org></p>