Susanne Keough has long worked to promote international trade. As head of global trade solutions at SunTrust Bank, she inaugurated a partnership with Citi in September 2009 that allowed the largely regional US bank to leverage its larger peer's global footprint to meet the growing international needs of SunTrust's clients. Even before she joined the bank she promoted international trade -- at AmTrade International Bank and as an export finance manager for the state of Georgia. She recently sat down with FinanceAsia to discuss SunTrust's trade business in Asia and the bank's partnership with Citi.
Please describe SunTrust's trade business.
SunTrust, based in Atlanta, Georgia, serves clients through an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic regions of the US as well as through a full array of technology-based, 24-hour delivery channels. The company also serves clients in selected markets nationally. Global trade solutions (GTS) within SunTrust houses the bank's international trade finance and trade banking product areas. GTS serves SunTrust clients' international trade finance needs across several market segments, from retail (consumer), international wealth, commercial, middle market and corporate banking. Our clients are active in a range of business and industries including agriculture, manufacturing, apparel, machinery and equipment, transportation equipment, communications equipment, chemicals and engineering/architectural services.
Lately we have been focused on our export working capital solutions in response to market demand for this type of financing and to support the borrowing needs of our clients who are active exporters. SunTrust enjoys a strong working relationship with both the US Export-Import Bank as a delegated authority lender under the working capital guaranty programme; and as a preferred lender -- one of only eight in the US -- with the Small Business Administration export working capital programme. This has allowed us to serve the growing borrowing needs of our small and medium-size business clients involved in exporting.
Our clients are actively engaged in international trade predominantly in the following markets: Canada, Mexico and Latin America, the Caribbean, Europe, the Middle East and Africa, and Asia.
Last September, SunTrust announced an agreement with Citi to expand trade services internationally, especially in Asia. What prompted the emphasis on Asia?
We believe that it is important to align ourselves with a global bank for which trade is a key competency in order to deliver local service and "on the ground" capabilities in Asia for our clients. Asia is one of the most important import markets for our clients; a provider such as Citi allows us to deliver enhanced service and end-to-end control of the trade process for the benefit of our clients.
How has the partnership matured since last September?
Since the announcement with Citi in September, we have been busy implementing many aspects of the expanded trade relationship, all elements of which are now fully functional. We continue to explore additional opportunities to expand our product offering by leveraging our Citi relationship.
SunTrust is best known as a retail bank in the southeastern US. How are you getting the word out to your existing customers and potential future customers that you offer international trade services?
SunTrust also has a strong base of corporate banking clients of various sizes (business banking, commercial, middle market and corporate). We feel that it is of vital importance to offer international product capabilities to support our clients who are engaged in international business. The GTS sales team consists of nine sales officers who are based throughout the SunTrust footprint. Along with our partners in our foreign exchange and treasury and payment solutions groups within SunTrust, we offer a competitive range of international products and services, and actively sell these products throughout our footprint. In addition, we host international seminars and webinars for clients and prospective clients.
Does SunTrust GTS target Asia-based companies as potential customers?
The business model we pursue is to support the trade finance needs of our clients that are located within the SunTrust footprint.
What future plans does SunTrust have for its trade business in Asia?
We do not currently have plans to establish a local presence in Asia. For the time being, we will continue to pursue a strategy of leveraging key strategic partners in the region, such as Citi, and others.
