In June 2023, it managed to secure US$26mn. WaveBL recently raised US$11mn in its latest funding round as it looks to expand further and add more banks to its roster. “Our clients now have easy access to a global platform for eBLs” enabling them “to capitalise on opportunities quickly and securely, while reducing their impact on the environment”, adds Rogier van Lammeren, head of trade and working capital products at Lloyds Bank. “Corporates are looking to prioritise digital trade solutions, and financial institutions have been looking at how they can meet this demand,” says Ofer Ein Bar, vice-president, financial institutions at WaveBL.Įin Bar says the partnership with Lloyds Bank “represents a strategic leap forward for banks to support corporates as they digitalise, while enhancing customer satisfaction”.įormer HSBC executive Ein Bar joined the firm in 2021 to help boost bank uptake. Lloyds Bank clients will now be able to transfer blockchain-based electronic bills of lading (eBLs) across WaveBL’s network of members worldwide, reducing the time taken from days to minutes compared to their paper counterparts. Israel-based fintech WaveBL has signed up Lloyds Bank as the first UK lender on its electronic trade documentation platform.

LBI was absorbed into the main business of Lloyds Bank in 1986.Related News GTR Leaders in Trade 2024: The winners eBLs would boost shipping decarbonisation push, data shows Trade Leaders Interview: Marie-Laure Gastellu, Société Générale GTR Leaders in Trade: The shortlist Ex-HSBC banker to drive Lloyds Bank innovation push Two years later this became a wholly-owned subsidiary of Lloyds and in 1974 its name was changed to Lloyds Bank International (LBI). In May 1971 the bank merged with the Bank of London & South America (Bolsa) to form Lloyds & Bolsa International, in which Lloyds had a 51% stake. In 1964 the bank's name was changed to Lloyds Bank (Europe). The connection with the National Provincial Bank ended in 1955 when Lloyds purchased their 50% holding. Between 19 the bank's deposits grew from £41 million to £516 million the number of branches also grew, numbering 19 by the start of the 1970s. The 1960s marked a time of rapid expansion for the bank. Retail banking continued to dominate the bank's business until the 1960s, when the development of the European Common Market led to an emphasis on the provision of wholesale banking. Staff from Lille and Roubaix branches had to join with other refugees, in appalling conditions, to reach Boulogne to board ships for England.

However, many of the bank's staff suffered greatly. Its British connections ensured that the bank was able to survive the Second World War, rescuing many of its assets from occupying forces in France and Belgium. The business model proved successful, and by 1938 the bank had nine branches in France, two in Belgium and one in Switzerland, as well as operating two offices in London. As a result, much of its business was dominated by the provision of services to British companies and British nationals operating on the Continent. The bank was designed to operate on the same lines as its British parent banks did. The new partnership was described as being 'a British bank, conducted on British lines'. Discussions were successful and Lloyds Bank (France) became Lloyds & National Provincial (Foreign) Bank. In 1917, the National Provincial Bank, one of Lloyds' rival British-based clearing banks, entered into discussions to establish a European partnership, with each bank maintaining a 50% stake. locations, Lloyds began to look to expand its European horizons. After maintaining a steady business in the former Armstrong & Co. operated branches in both Paris and the channel port of Le Havre. This established Lloyds in continental Europe for the first time, as Armstrong & Co. In 1911 Lloyds Bank (France) was established when the Lloyds' board of directors sanctioned the purchase of Armstrong & Co., for £40,000.

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