In order to serve the financing needs of small and middle-market companies involved in international trade, Portland, Ore.-based Umpqua Bank has established an international banking division in its San Francisco commercial offices. Heading the venture will be Anthony Oriti, senior vice president and managing director. He will oversee sales, operations, credit, systems, risk and export/import programs for the group. Before joining Umpqua, Oriti served in senior management roles for international divisions at several banks, including Bank of America.
"Many businesses choose to bank with a local bank that is invested in the community, yet also have a need for international banking services. By establishing an international banking division, our customers now have access to financial resources with global reach," said Ray Davis, president and CEO of Umpqua Bank, in a statement. "We are pleased to welcome Anthony Oriti to Umpqua and are confident that his wealth of expertise in international trade services will set Umpqua apart from the field in this exciting move to connect our community based services to the global community."
Trade finance services offered by Umpqua's international banking division will include commercial letters of credit (import and export), online letter of credit issuance, standby letters of credit, documentary collections, direct collections, bankers acceptance financing, trade cycle financing, pre- and post-export financing, and foreign exchange services. Umpqua's international banking division will serve businesses throughout the Umpqua footprint with a full range of trade finance products and services. The division will also have the ability to offer 24-hour turnaround for certain document services and same-day for wires and foreign exchange services, saving clients time and money, according to the bank.