Savings Banks want to expand Foreign Business
The savings banks want to open up new business areas. For example in export – a digital platform should make it possible.
Landesbank Hessen-Thüringen Helaba has started building a new digital platform to boost the international business of savings banks which is expected to be launched in the first half of the year. This was reported by the Bloomberg news agency. In essence, it is about the rapid distribution of trade finance risks to the various institutions in the group.
This should make it possible to offer larger transactions so that large companies use the services of savings banks more often for their foreign business, said project manager Reinhard Fust of the agency.
In a survey, regional federations reacted very positively to Helaba’s proposal to build the platform, which is being worked on under the title “S Trade Finance Marketplace”.
Savings banks are required to place their customers’ trade finance on the platform. Other partners such as other savings banks can bear part of the risk. Other state banks have also expressed interest.
The platform should not only bring in larger funding volumes, but also higher margins. These risk partnerships are currently agreed bilaterally and then remain restricted to a narrower circle.
Within the first twelve months after the start, a volume of 100 million euros will be processed on the platform, in the following years from 500 to 800 million euros annually.