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Far East National Bank selects Surecomp for enhanced trade services

Surecomp, a leading provider of global trade solutions for the financial services community, announced today that Los Angeles-based Far East National Bank has licensed IBSnet, Surecomp’s Windows-based SWIFTReady Gold trade finance solution and the most popular and widely used trade finance solution in North America.

Founded in 1974 as the first federally chartered Asian-American bank in the United States, Far East National Bank (FENB) is a member of SinoPac Holdings (Taiwan) and has 15 branches throughout California, an overseas branch in Vietnam, and a Representative Office in Beijing, China. FENB employs over 350 staff and has total assets exceeding US$1.8 billion.

Following the November 2006 merger of SinoPac Holdings and the International Bank of Taipei, FENB has become part of a combined company with total assets in excess of US$36 billion and with more than 2.5 million customers in Asia and North America.

FENB today provides its customers with a unique financial service platform to help integrate their business interests in the United States, Taiwan, China, Hong Kong, and Vietnam.

FENB selected IBSnet after an extensive review of available products. “For over two decades Far East National Bank has assisted small and medium enterprises to grow their business both locally and internationally by providing a complete range of trade finance services linked to local market understanding and requirements. Justifiably, we take pride in our ability to provide these services simultaneously in the U.S. and Pacific-Rim. The addition of IBSnet strengthens our trade services offering, which in turn allows us to extend our operational footprint and reach the goal of becoming a premier financial service provider.” commented T.J. Chen, FENB’s Executive Vice President.

Offering his congratulations to the Bank following the exchange of contracts, Steve O’Brien, Surecomp Vice President, Customer Services – North America remarked, “In my dealings with the bank during the assessment and contract negotiation period, I have been repeatedly impressed by the level of professionalism displayed by the Bank, their in-depth trade finance knowledge, and their unwavering focus on the end-game benefits. We at Surecomp are committed to work with the Bank to ensure a speedy, trouble-free transition from their previous trade finance product to IBSnet.”