Financial trade groups merge

Two of the largest trade associations representing international financial interests announced on Monday that they would merge.

The Bankers’ Association for Finance and Trade (BAFT) and International Financial Services Association (IFSA) plan by mid-January to form a new association that will be based in Washington with roughly 200 member companies and organizations.

Donna Alexander, who will become CEO of the combined BAFT-IFSA, said the group would be the “premier global association for the financial services industry.”

BAFT is affiliated with the American Bankers Association (ABA), while IFSA is currently based in New Jersey. The new organization will remain affiliated with

ABA and will represent domestic and foreign-based companies involved in trade finance, asset finance and other businesses.

“We think the timing is exquisite because we’re all under the new normal. We just think the combination of BAFT and IFSA creates the best representation for the global financial services industry,” Alexander said. “We are going to be lobbying everywhere around the globe.”

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