China Minsheng Banking Corporation selects Surecomp’s integrated trade finance solution

25 September 2008

Surecomp, a leading provider of global trade solutions for the financial services community recently announced that China Minsheng Banking Corporation has selected Surecomp’s fully comprehensive STP end-to-end trade finance solution to automate their trade service operations.

Established in January 1996, Beijing-based CMBC ranks in the country’s top five banks and is amongst the leading 200 global banks. The first bank in China to be owned predominately by non-government enterprises, CMBC’s meteoric rise to prominence includes the operation of over 300 branches in China and working relationship with 700 overseas banks.

CMBC’s expanding workforce of 14,000 professionals offer a range of services covering the areas of commercial, corporate, investment, mortgage, private, retail and wholesale banking.

The rapid growth and drive for success of CMBC has attracted the attention of the business community and general public, and is aptly mirrored in the Bank’s regional center in Wuhan, central China’s political, economic, financial, cultural, educational and transportation center. CMBC headquarter building in Wuhan is not only the tallest in the city and surrounding province of Hubei, but internationally rates as the world’s 19th tallest tower.

CMBC’s national and international reputation has been enhanced by the award of numerous citations including the country’s Best Trade Finance Bank, Best Online Bank, and the UK-based The Banker magazine recognition of the CMBC’s position in the top 25 of Asian banks.

Mr Lin ZhiHong, General Manager, of CMBC’s Trade Finance Department said “CMBC selected Surecomp as its trade finance solution technology partner because Surecomp was able to demonstrate conclusively the benefits that their automated solution will bring to CMBC’s daily trade finance operations. We know that with Surecomp we are licensing a field-proven system. Additionally important to us is the excellent reputation that Surecomp enjoys in China for the quality of its solution development and customer support. We are delighted with the outcome and look forward to the successful launch of the Surecomp system.”

“The growth of our trade finance operations is a cornerstone of CMBC’s current Five-year Development Program. The development program symbolizes the Bank’s re-positioning and strategic transformation from a new enterprise to a mature business, and will see CMBC further perfect and stabilize business growth both in China and further a field” concluded Mr Lin ZhiHong.

Adding his congratulations Surecomp Chairman & CEO Joel Koschitzky remarked, "'We are excited to partner with CMBC to provide best-in-class trade finance solutions and to become a major contributor to the Bank’s continued development in the fast-growing, rapidly maturing Chinese economy. CMBC becomes the 10th Chinese bank to license a Surecomp trade finance solution. Our partnership with CMBC and the continued expansion of activities in the Chinese market further reinforces Surecomp’s leadership position a global leader in the development of trade finance solutions."

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