Union Bank of California agreed with Banco Nacional de Mexico, that country's largest bank, to handle cross-border money management in support of trade activities.
The agreement lets Union Bank, a subsidiary of Bank of Tokyo-Mitsubishi Ltd., handle wire transfers, U.S. currency deposits, and check processing for Banamex. In addition, the bank will provide check information reporting and positive-pay fraud detection services, further easing the risks of cross-border finance.
Union Bank is California's third-largest, with $30.3 billion of assets and 237 offices throughout the state, five offices in Oregon and Washington, and 18 international offices, primarily along the Pacific Rim. The bank handles $300 million every month in wire transfers, check clearing, and other transactions crossing the international border and is heavily involved in cross-border trade finance.