If you received Letters of Credit worth hundreds of millions of dollars, you’d want a robust trade finance system. Facing a growing call from its smaller counterparties for trade finance arrangements, international energy company Statoil sought greater control over its transactions.
All trade finance information in one place
Statoil started by asking its core banks to participate in a tender to become its main trade finance bank. It was looking for a partner with sophisticated electronic systems that could provide a quick view of all transactions, and one that would provide complete peace of mind by checking that Letters of Credit were issued by an approved bank. And it wanted a partner that could advise on risk pricing and entry into new markets. It chose Nordea.
Growing call for supply chain finance
Like many organisations, Statoil is now receiving a growing number of requests from its smaller counterparties for longer payment terms to help them manage their cash flow. To address this issue, the company is seeking advice from Nordea and its other core banks on supply chain finance solutions that can help its trading partners without affecting its own balance sheet.
To learn more about how Statoil’s close working relationship with Nordea has given it complete confidence in its trade finance arrangements, read the full case study.
ABOUT THE AUTHOR
Annie Lamngoc Sebergsen is Head of Trade Finance Sales Norway.
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