International Banking Services

The primary consumers of International Banking services were governments, large corporations and very wealthy individuals who wanted to invest in foreign countries for the purpose of helping the developing country as well as getting a favorable return on their investments. In order to conduct business in foreign countries, there were local and foreign government regulations and tax laws that had to be observed and complied with. The International Banking Services facilitated these transactions by working with the American counterpart while their representative worked with the authorities and investors in foreign countries. Although the foreign entities were “American” they had to comply with banking regulations of their host countries. The process of conducting business was cumbersome. Often, documents had to be prepared for signatures, and then sent back and forth by courier for all parties to sign. Sometimes the process was delayed by the need of translations and other requirements. My duties were to prepare these documents including Letters of Credits and Signature Guarantees as needed.

International Banking, as an industry, was revolutionized with the advent of the World Wide Web and the information superhighway. I worked in the industry before the age of information and communication. Modern technology has eliminated much of the manual and physical labor of preparing documents and getting them to their overseas destinations. In fact, most common banking activities have been simplified with the use of computers and the Internet. For example, in the past corporations, governments or individuals desiring to conduct business in a foreign country had to do so through a bank with a presence in the country in which they wanted to conduct business. The bank would act on their behalf extending Letters of Credit or Loan Guarantees and other documents of assurance that the funds were available for the transaction. Therefore, the main role of International Banking Services was to act as financier and liaison between United States business sector and foreign ventures.