The boards of two of the world's largest trade associations for global transaction banking, the Bankers' Association for Finance and Trade (BAFT) and the International Financial Services Association (IFSA), have approved a merger between these organizations and are urging their members to agree to the plan.
According to a release, the merger of BAFT and IFSA will create the largest industry association serving members actively involved in payments and international trade finance and advance industry interests in a time of significant change and opportunity. The combined new association would be called BAFT-IFSA and, upon agreement by membership, the merger would become effective January 2010.
BAFT-IFSA will continue to focus both on the broader issues affecting regional and global transactional banking services such as trade, payments, cross-border financing, risk, and compliance as well as training and operations technology. The proposed merger will result in increased breadth, depth and influence, according to the two organizations. No part of either group or their work will be discontinued, noted the release.