The American Bankers Association and BAFT, the leading global financial services association for international transaction banking and an ABA subsidiary, today announced their mutually agreed upon plans to separate in the second half of 2025.
While ABA and BAFT have worked together successfully since 2002, BAFT’s global footprint and overseas opportunities have expanded in recent years, with more than 70% of BAFT member banks currently headquartered outside of the U.S. This necessitated a realignment of strategic priorities so that BAFT can better represent its membership.
“BAFT has been a valuable and strategic partner for many years,” said Rob Nichols, ABA president and CEO. “Though our paths forward will diverge, we will continue to work together on shared policy priorities and wish BAFT success in their next chapter.”
“As BAFT continues to grow globally, organizational independence will allow us to best serve the needs of our diverse membership,” said Tod Burwell, BAFT president and CEO. “We are grateful for the many years of support from the ABA and look forward to continued collaboration in the years to come.”
“BAFT has been the leading global industry association for transaction banking and this separation will further enable us to reflect the truly international footprint and needs of our membership,” said Suresh Subramanian, chair of the board of BAFT. “The support of ABA through the years has been invaluable to BAFT and we look forward to a continued partnership on areas of mutual interest.”
ABA and BAFT will work together to navigate separation details to ensure a smooth transition for BAFT members. BAFT will remain focused on providing thought leadership, best practice guidance, policy advocacy, education and training with a focus on the transaction banking business.
ABA and BAFT will continue to provide updates to their respective memberships as the process moves forward.
