NEVIS, St. Kitts and Nevis, June 6, 2023 /PRNewswire/ -- International Merchant Bank Limited (IMBL), an International Bank licensed and regulated by the Nevis Financial Services Regulatory Commission (NFSRC) based in St. Kitts and Nevis, and Metropolitan Commercial Bank (MCB) [Member FDIC], a New York State chartered commercial bank in the United States of America, have commenced a Correspondent Banking relationship for a minimum term of five years.
In today's global economy, development is critically and inevitably inter-reliant between nations. This ever-increasing interdependence of countries has led to overwhelming demand for international trade. Banks and Financial Institutions are playing a fundamental role in support of this by enhancing their ability to make and receive international payments via correspondent banking. MCB's ability to combine the high-touch service and relationship-based focus of a community bank with the extensive financial solutions offered by large competitors makes it a valued, trusted and innovative strategic partner to IMBL.
Dhwani Srivastava, Chief Executive Officer of International Merchant Bank Limited commented,
"This is a remarkable milestone. Having correspondent banking relationship with Metropolitan Commercial Bank enables IMBL to serve our clients faster and more efficiently for the international payment/settlement-related transactions while broadening and enhancing our transaction channels. We have seen most payments settle the same day or within 24 hours. This strategic relationship will lead to significant growth for our business."
MCB, a subsidiary of its parent company Metropolitan Bank Holding Corp. (NYSE: MCB), was founded in 1999 and offers a variety of business, commercial and personal banking products and services to small and middle-market businesses, public entities and affluent individuals in the New York metropolitan area. As a New York State Chartered commercial bank, MCB is sharply focused on serving their client's needs, while enhancing shareholder value by capitalizing on the growth opportunities of a dynamic marketplace.
MCB finished in the top ten of S&P Global Market Intelligence's annual ranking of the best-performing community banks with assets between $3 billion and $10 billion for 2022, and among the top ten top-performing community banks in the Northeast region for 2022. MCB is also a member of the Piper Sandler Sm-All Stars Class of 2022. MCB is a New York State chartered commercial bank, a member of the Federal Reserve System and the Federal Deposit Insurance Corporation.
Nick Rosenberg, Executive Vice President, Head of Global Payments Group of Metropolitan Commercial Bank says,
"We are proud to showcase the unmatched experience, acumen, and intuitiveness of Metropolitan Commercial Bank's Global Payments Group. For us, working with IMBL is a very promising opportunity, and we look forward to this collaboration."
About International Merchant Bank Limited (IMBL)
IMBL, based in St. Kitts and Nevis, aspires to be the bank of choice for individual and corporate clients globally. The IMBL team has decades of global experience in Banking and Trade Finance. IMBL's client offerings reflect its core strengths and passion in banking. As a top international bank in its region, IMBL has standards and commitments that have been purposefully identified for a better tomorrow. We hope to be your partner to the world. For more information, please visit www.imbltd.com.
SOURCE International Merchant Bank Limited
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