more-arw search

Q&A Forum

What international bank would you recommend for a young company with less than $25 million in sales?

Robert Gerughty's Profile

The Silicon Valley company expects to grow rapidly with international sales in Asia and Europe, and only wants to use one international bank.  Citibank and BofA come to mind immediately, but should any others be considered?

 

 

 

Answers

Topic Expert
Mike Rose
Title: Managing Director
Company: Montage Capital
LinkedIn Profile
(Managing Director, Montage Capital) |

Silicon Valley Bank and Wells Fargo Bank both have quality products and teams of people who are experts in F/X, Letters of Credit, etc. There are others, but these two have done well for companies I've worked with over 18 years.

Bryan Frey
Title: VP Finance/Corp Controller
Company:
(VP Finance/Corp Controller, ) |

Those two banks offer an interesting contrast. I was CFO of a company that used SVB when we had US HQ and operations in Japan and Korea. There is no doubt that SVB offers better account management with more hands-on support from folks at the bank. That is a great upside. You know who you are dealing with and they are good people. The downside was that we had to work through partner banks for many global issues since SVB did not have physical presence where we needed it. Things got done (LOCs, wires, cash mgmt), but we had to open accounts in local banks to hook up to our SVB accounts.

With Wells and the other global giants, my experience has been that there is more turnover in the positions you deal with most as a client, and those folks are not as good at their jobs. However, the bank is everywhere, and thus you have one system for managing all assets, one system for transactions, etc., and the bank can do everything for you without having to go outside.

Thus, a study in contrast. We stuck with SVB due to the better support, but i have used the bigger banks at other companies. I think these are the core issues, however, and you should focus on support and banking features and systems when you are interviewing banks.

2213 views

Get Free Membership

By signing up, you will receive emails from Proformative regarding Proformative programs, events, community news and activity. You can withdraw your consent at any time. Contact Us.

Business Exchange

Browse the Business Exchange to find information, resources and peer reviews to help you select the right solution for your business.

Learn more

Contribute to Community

If you’re interested in learning more about contributing to your Proformative community, we have many ways for you to get involved. Please email content@proformative.com to learn more about becoming a speaker or contributing to the blogs/Q&A Forum.