GTR Trade Finance eNews - December 2008
Baft hires new general counsel
The Banker's Association for Finance and Trade (Baft) has appointed Alan Sorcher as general counsel.
Nedbank closes London forfaiting office
The credit crisis claims a further victim in the closure of Nedbank's London forfaiting office.
Rosneft set to return to market in New Year
Russian oil company Rosneft is likely to raise a bridge loan of between US$1-US$1.5bn via western banks in the first quarter of the New Year.
Eletrobrás receives loan from KfW
Eletrobrás, the Brazilian federal energy holding group, has obtained a €37.2mn loan from German development bank, KfW Entwicklungsbank to construct a hydro complex in the Santa Catarina state.
EIB agrees €150mn loan with India Exim Bank
The European Investment Bank (EIB) is providing a €150mn loan to the Export-Import Bank of India (India Exim Bank) to support projects contributing to climate change mitigation.
EBRD supports Romanian small businesses
The European Bank for Reconstruction and Development (EBRD) is increasing its support for small and medium-sized enterprises in Romania through a €100mn loan to Banca Transilvania.
Lamy calls for trade finance to be a top priority
Pascal Lamy, director-general of the World Trade Organisation (WTO), has called for the immediate resumption of efforts in the New Year to improve the availability of trade finance.
IFC reduces shareholding in Sacombank
The IFC is intending to sell 50% of its common shares in Vietnam’s Sacombank.
Noble Group completes first Islamic loan facility
Noble Group, a global supply chain management company, has successfully closed an US$80mn murabahah facility. It is the company's first transaction based on Islamic principles.
EBRD loan supports Uzbekistan businesses
An Uzbek carpet manufacturer, Shahboz Shahrom, has been given a US$1.5mn loan by the European Bank for Reconstruction and Development (EBRD).
EBRD boosts funding for Belgasprombank
The European Bank for Reconstruction and Development (EBRD) is committing US$10mn to Belgasprombank, Belarus’s seventh largest bank.
ING is set to close commodity finance office in London
An ING spokesperson has confirmed that its London commodity finance office will be closed.
Egyptian Saudi Finance Bank opts for Misys solution
Egyptian Saudi Finance Bank has selected software solution Misys Equation 3.9 to help support its trade finance operations in 11 branches across Egypt.
Iraq signs power generation agreement with GE Energy
The Iraqi Ministry of Electricity and GE Energy have signed an agreement for power generation equipment and services.
UniCredit launches new supplier finance web solution
UniCredit has launched Trade Purchase, an internet-based form of cross-border supply chain financing, to its corporate customers.
Fimbank appoints Mediterranean factoring head
Fimbank, the Malta-based global trade finance institution, has appointed João Costa Pereira as first vice-president and head of the Mediterranean factoring division of the bank.
SEB appoints new face to export and project finance team
SEB has hired Christoph Tomas as a senior executive in its export and project finance team.
Nexi supports Petrobras investments
Japan’s Nippon Export and Investment Insurance (Nexi) is set to support investment in Petrobras's Henrique Lage (Revap) refinery in Sao Paulo.
VTB provides loan to Magnitogorsk Iron & Steel Works
Russia’s VTB Bank has extended a one-year Rb4bn (US$143.90mn) loan to Magnitogorsk Iron & Steel Works (MMK), one of the largest enterprises of the Russian steel industry.
India’s Reliance Communications wins EDC financing
Export Development Canada (EDC) has provided the final US$150mn tranche of a financing package for Reliance Communications (RCL).
Chile’s Codelco opts for ECA financing
Chile’s state-owned copper producer Codelco has secured a US$250mn loan from Export Development Canada (EDC).
JPMorgan and US Ex-Im finances India’s Reliance industries
JPMorgan has signed a US$400mn financing facility with Reliance Industries (RIL) to support the company’s investment projects in India. JPMorgan is acting as the arranger, lender and facility agent on the transaction.
BayernLB exits Asia Pacific
BayernLB is exiting Asia Pacific, closing down its Hong Kong and Shanghai branches, as well as its representative offices in Beijing, Tokyo and Mumbai.
EBRD disburses debut factoring loan to Ukraine
The European Bank for Reconstruction and Development (EBRD) has disbursed the first tranche of its factoring finance facility to Ukraine’s Ukreximbank.
Forum raises interest in Gulf-Africa investment
Waleed Al Wohaib, CEO of the International Islamic Trade Finance Corporation (ITFC), has praised the growing investment and trade links between the Gulf Cooperation Council (GCC) countries and African nations.
Arvest Bank selects Surecomp solution
A US bank based in Arkansas has selected a trade finance solution from Surecomp to automate its trade finance operations.
US and China agree to pump billions into trade finance
To revitalise world trade, China and the United States are set to provide US$20bn in finance facilities.
Vnesheconombank signs agreement with Euler Hermes
The Russian development bank Vnesheconombank has signed a cooperation agreement with Euler Hermes.
Results of GTR Leaders in Trade Awards 2008
GTR is proud to announce the results of its first annual readers’ poll on the world’s leading financial institutions in trade finance...
Iran’s export bank supports trade with Turkey
The Export Development Bank of Iran (EDBI) is set to grant a US$50mn credit line to support Iranian exporters operating in Turkey.
Mechel secures VTB funds
Russian metals and mining company Mechel has secured credit lines worth Rb15bn (US$560mn) from VTB Bank.
DF Deutsche Forfait reports boosted profits
DF Deutsche Forfait has maintained its forecasted growth levels, based on its nine-month figures for 2008.
Kazakhstan's BTA completes foreign debt repayment plan
BTA Bank has completed all of its foreign debt repayments for 2008, amounting to approximately US$1.2bn, without any refinancing.
QBE finalises acquisition of Exporters' underwriting group
QBE Insurance Group has acquired Exporters Insurance Company’s underwriting platform.
HSBC wins financial advisor mandate on Libyan project
Libya’s Zwara Oil Refining Company (Zorco) has appointed HSBC as the financial advisor for a 200,000 barrel per day oil refinery. The project is to be financed on a commercially structured project finance basis costing around US$4bn.
Sace predicts slowdown in Italian exports
The Italian export credit agency (ECA) Sace has forecast a “strong reduction” in Italian exports in the period 2009-2010.
Crisis promotes increased demand for trade finance services
There has been a significant increase in demand for trade finance services, as buyers, suppliers and financial institutions look to protect themselves from the fallout of the financial downturn.
New senior appointment made at US Ex-Im
John Simonson has been appointed senior vice-president and chief financial officer of US Ex-Im.
Miga supports Ukrainian and Russian banking sectors
The Multilateral Investment Guarantee Agency (Miga) has issued two guarantees to support the banking sectors in Ukraine and Russia.
Turkey's TEB closes syndication
Turk Ekonomi Bank (TEB) in
Syndication closes on Kazakh's Samruk Energy deal
Kazakh's Samruk Energy has secured a syndicated term loan facility to fund its acquisition of 50% of all shares in Forum Muider, the owner of Bogatyr Access Komir, one of the largest coal mining companies in Kazakhstan.
BCP Dubai goes live with Credoc
Banque de Commerce & de Placements (BCP)
JPMorgan enhances cash management and trade finance in India
JPMorgan is improving its cash management and trade finance solutions in India following the recent announcement of its US$1bn global investment plan aimed at strengthening its cash management and treasury liquidity capabilities globally.
JBIC signs first untied loan to Vietnam
The Japan Bank for International Cooperation (JBIC) has signed an untied loan agreement of up to ¥11bn with Vietracimex Lao Cai Electric, a Vietnamese firm guaranteed by the government of
Forfaiting market guide wins approval
The International Forfaiting Association’s (IFA) market practice committee has approved the final version of its new guide to the forfaiting market.
ATFA elects new president
The Association of Trade and Forfaiting in the Americas (ATFA) has elected Brendan Herley from Standard Chartered Bank as its new president for 2008-2009.
Interpipe Steel’s Ukraine project remains on target
Interpipe, global producer of steel piping, reports that construction work on its electric steel smelting complex in Ukraine is continuing positively, with many key components of the project almost completed.
Evraz secures Vnesheconombank loan package
The Russian state bank Vnesheconombank (VEB) has granted Evraz Group over US$1.8bn-worth of loans to help the steel producer refinance its debt.
BBVA's Sacristan moves to IADB
Gema Sacristan, formerly director of export finance, Americas, for BBVA, is moving to the Inter-American Development Bank (IADB), where she will work on secondment for two years.
Swiss Commercial Capital appoints new CEO
Swiss Commercial Capital has appointed David Roberts as the company’s new CEO.
Vnesheconombank to cooperate with Czech Republic's Egap
Russia’s state-owned development bank Vnesheconombank has signed a cooperation agreement with the
