US Bank has announced it has brought in former Standard Chartered director Tarek El-Yafi to lead a newly launched Global Transaction Services unit. 

El-Yafi joins after more than 15 years at Standard Chartered, most recently as managing director and regional head of cash management sales, a New York-based role. He previously spent nearly 13 years at Citibank. 

He takes up the role of managing director and head of Global Transaction Services, reporting to global head of foreign exchange Chris Braun. He is based in Houston, Texas, but will work across the US with internal teams and clients. 

Minneapolis-headquartered US Bank says it has developed the Global Transaction Services group to meet growing client demand for international banking and payment solutions, with president Gunjan Kedia explaining the move “will interconnect our expertise from across the bank”. 

The unit will work closely with its working capital finance team, which includes global trade and supply chain finance head Daniel Son as well as head of trade and supply chain finance sales Michael Stitt.  

It will also operate alongside the bank’s FX and global treasury management groups, and its payment processing subsidiary Elavon. 

“A key area of focus will be US-based clients’ efforts to control cross-border payment costs via more efficient conversion to more than 60 currencies reaching more than 100 countries,” US Bank says. 

“Global Transaction Services will also help optimise clients’ use of cross-border trade working capital solutions, foreign deposit accounts, interest rate risk management products and payment acceptance solutions.” 

El-Yafi adds the unit will help US-based clients “operate more efficiently around the globe”.