Wells Fargo expand trusts to UK and EU

Wells Fargo has announced the expansion of its insurance trust product to the UK and EU.

The product is an extension of the US version of the Wells Fargo insurance trust and offers an alternative to letters of credit (LOC).

"We are excited to be able to offer UK-based corporate insurers a lower-cost, more efficient alternative to addressing their collateral needs," said Brian Bartlett, head of Corporate Trust Services.

"Insurance trusts provide a number of advantages over LOCs. Customers will enjoy a high level of service when accessing this innovative product."