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15 January 2014

After adding the Royal Bank of Canada (RBC) and Santander Brasil and Chile as members, the IBOS cross-border commercial banking alliance is trumpeting its expansion in the Americas, while also asserting it has now grown to offer 90% gross domestic product (GDP) coverage in the region and in Europe, after additionally adding Ulster Bank, Bank Zachodni Poland, and the Bank of Tokyo-Mitsubishi as members.

Only RBS and Ulster Bank are full members among the new additions to the International Banking – One solution (IBOS) commercial banking association, which seeks to engender global cooperation to aid interoperability and cut costs for correspondent banking.

As Bob Lyddon, general secretary of IBOS explains, the association’s services exist to support Foreign Direct Investment (FDI) between the major countries around the world. “IBOS banks want to work together to set up the banking services that companies need to trade outside their home base,” he said. “With our recent additions to coverage in the Americas, as well what we could already do in Europe, IBOS can now offer customers access to markets that represent nearly 60% of global GDP, and 90% of the regional GDP of Europe and the Americas.”

The full article can be found at the following link: IBOS international banking network expands in the Americas