GTR Trade Finance eNews - January 2009
EBRD responds to liquidity crisis
The European Bank for Reconstruction and Development (EBRD) has announced its plans to mitigate the consequences of the liquidity crisis and its impact on trade finance.
Rosneft secures first PXF deal for New Year
State-owned Russian oil and gas company Rosneft has secured a 15-month US$1.35bn loan facility via a pre-export club deal arranged by six global banks.
Trade flows weaken in developed economies
Export volumes from major economies in the developed world are continuing to fall, according to third quarter 2008 figures released by the Organisation for Economic Cooperation and Development (OECD).
China province to back exporters
China’s Guangdong province, which accounts for a quarter of the country’s total foreign trade, will create two funds worth Rmb1.9bn (US$278mn) to support its exporters this year.
EBRD reassesses growth forecasts
The European Bank for Reconstruction and Development (EBRD) has reduced its economic growth forecasts for 2009 as its region is subjected to the full impact of the global slowdown.
France backs aerospace industry
The French government is to inject €5bn (US$6.5bn) into banks to allow the financing of export contracts in the aeronautical sector.
Deutsche Bank and Sace back growth of Italian SMEs
Deutsche Bank and Sace, the Italian credit insurer, have signed an agreement to support the international development of Italian SMEs.
BBVA hires head of commodity trade finance
BBVA has hired Sandra Nolasco as head of commodity trade finance, reflecting the bank's efforts to build on its capabilities in this area of the market. She will be taking up her new role in February, and will be based in Madrid.
US Ex-Im names new Sub-Saharan board members
The board of directors of the Export-Import Bank of the United States (US Ex-Im) have named two new members, and eight returning members, to US Ex-Im’s Sub-Saharan Africa Advisory Committee (SAAC).
Coface announces series of country rating downgrades
Coface downgraded the financial ratings of 22 countries at its 13th country risk conference held at the Carrousel du Louvre in Paris on January 19, 2009.
Pillsbury forms alliance with UAE firm
US law firm Pillsbury Winthrop Shaw Pittman and newly established Mid-East firm Agha & Shamsi have formed an alliance to expand Pillsbury's Islamic finance capabilities.
EBRD backs Ukrainian and Russian railways
The European Bank for Reconstruction and Development (EBRD) is extending its support for the reform of Ukraine’s state railways system with a US$62.5mn loan.
Petrofac awarded Abu Dhabi contract
Petrofac, a leading international oil and gas facilities service provider, has been awarded a US$2.3bn contract by Abu Dhabi Company for Onshore Oil Operations (Adco) for the development of the onshore Asab oil field.
Colombia and Venezuela create fund to boost trade
The presidents of Colombia and Venezuela are to invest US$100mn each in a special fund to boost cross-border trade.
UK exporters face tightening credit conditions
Despite a weak pound, UK exporters are still failing to boost export levels and are struggling to find adequate sources of finance to support their working capital needs.
WTO urges open trade flow to curb economic crisis
Director-general of the World Trade Organisation (WTO) Pascal Lamy, has stated that it is now more important than ever to maintain open trade flows to prevent a further deterioration of the global economic situation.
KBC reduces structured trade finance team
Belgian bank KBC has scaled back its structured trade finance business in London, reducing the team by eight. The move reflects the bank's continuing review of its "non-core activities", and its plans to focus on core markets in Belgium and Central and Eastern Europe.
North-West Telecom repays syndicated loan
Russian telecoms firm North-West Telecom has repaid a €50mn syndicated loan in full.
Kazakh cement company raises US$110mn syndicated loan
The IFC, Calyon, Societe Generale, Credit Industriel et Commercial and Banca Intesa have closed a US$160mn syndicated financing in support of Kazakh company Jambyl Cement.
VTB Capital appoints chief risk officer
VTB Capital, Investment Business of the VTB Group, has appointed David Brawn as global chief risk officer.
US Ex-Im continues to back US small businesses
Despite challenging market conditions, the Export-Import Bank of the United States (US Ex-Im) is continuing to assist a number of small businesses in making inroads in distant markets.
World Bank chief addresses Arab leaders
World Bank president Robert Zoellick has informed Arab leaders of the bank’s continuing support of the Arab world and its willingness to strengthen its partnership with Arab and Islamic financing agencies.
StanChart appoints global head of project and export finance
James Courtenay has joined Standard Chartered Bank as its new global head of project and export finance under its corporate finance group.
Denmark expands loan package to exporters
In addition to a financial rescue package for Danish banks and mortgage lenders, the Danish government has unveiled a DKr20bn fund to provide loans to the country’s exporters.
TradeCard reports positive revenue results
TradeCard, the leading provider of on-demand supply chain management solutions, has announced significant revenue growth despite the economic downturn.
EAIF names new chairman
The Emerging Africa Infrastructure Fund (EAIF), a debt fund supporting infrastructure development in Sub-Saharan Africa, has appointed Tony Lea as its new chairman.
Sharp fall in GCC business confidence
According to HSBC’s quarterly survey, business confidence in the Gulf fell sharply to 70.3 in the fourth quarter of 2008 from a rating of 92 in the third.
Promsvyazbank repays US$200mn syndicated loan
Russia’s Promsvyazbank (PSB) repaid the second tranche of its US$200mn syndicated loan at the end of December 2008.
IADB provides trade finance for sugar sector
The Inter-American Development Bank (IADB) has established a US$150mn facility to provide short-term trade financing and medium-term investment loans to sugar and bio-energy companies and exporters in Brazil, Mexico and Central America.
HSBC announces export finance and project finance execution teams
Following organisational changes within the resources and energy group, HSBC has appointed Peter Luketa as global head of export finance.
Korea Eximbank CEO appointed top financial regulator
Chin Dong-soo, chief executive of the Export Import Bank of Korea (Korea Eximbank) has been appointed as the nation’s top financial regulator.
Fortis relocates Boon to Amsterdam
Former head of global export and project finance at Fortis Turkey in Istanbul, Erwin Boon, has been called back to the Netherlands to head the global trade services sales team.
Indonesia’s Jati B power plant expansion secures financing
A consortium of banks led by the state-backed Japan Bank for International Cooperation (JBIC) is to lend ¥160bn (US$1.7bn) in project financing to support the expansion of an Indonesian power project.
South Korea's state-owned trade bank to expand support to exporters
The Export-Import Bank of Korea (Korea Ex-Im Bank) has announced plans to increase its financial support to local exporters this year.
JBIC provides much-needed liquidity to exporters
Japan Bank for International Corporation (JBIC) has launched essential measures to provide credit support to exporters and Japanese firms operating in developed countries.
BERR subsumes ECGD guarantee scheme
The UK government has unveiled a support plan which highlights its increased level of loan guarantees to encourage banks to lend to more businesses.
SEK secures access to Thai domestic bond market
Thailand’s ministry of finance has once again granted the Swedish Export Credit Corp (SEK) permission to issue baht-denominated bonds in Thailand.
New appointments at Fimbank
Malta-based Fimbank has made two key appointments in the first month of 2009.
Santander merges senior roles
Alberto Amo, global head of supply chain finance solutions, has assumed additional responsibilities for global trade services, following the departure of Marcus Hughes.
World Economic Forum warns of drop in China’s growth rate
A report released by the World Economic Forum (WEF) underlines a set of growing risks, economic and other, that could arise as a result of the financial crisis.
UK exporters urged to look further abroad
The British Chambers of Commerce (BCC) and UK Trade & Investment (UKTI) are encouraging British businesses to look beyond traditional exporting locations.
IADB widens scope of trade finance programme
The Inter-American Development Bank (IADB) is set to increase the programme limit for its Trade Finance Facilitation Programme (TFFP) from US$400mn to a maximum of US$1bn.
EBRD TFP supports Transcapitalbank
The European Bank for Reconstruction and Development (EBRD) Trade Facilitation Programme (TFP) is boosting its support for
Poix joins BTMU
Olivier Poix has been named vice-president, energy at Bank of Tokyo-Mitsubishi UFJ (BTMU).
Falcon announces a new COO
Neill Way has been appointed chief operating officer for specialist trade services provider, Falcon Group.
Update: Akbank wins syndicated loan
Dubai EDC reveals new partnerships
Dubai Export Development Corporation (EDC) is pursuing new trade opportunities, having just signed a partnership with the Australian Trade Commission.
JPMorgan appoints new Asia Pacific head
Margaret KW Yao has been appointed JPMorgan's Asia Pacific head of liquidity management and investment products.
Aon launches Tradeability credit insurance
Aon Trade Credit, in partnership with Euler Hermes UK, has launched a credit insurance service for small and medium-sized enterprises (SMEs).
CGI continues to develop Proponix360
CGI Group, a leading information technology and business process services firm, has announced improvements to its Proponix360 global trade platform.
Bank of Georgia to receive financial support
To assist Bank of Georgia with managing the effects of the global financial crisis, two international financial institutions, the European Bank for Reconstruction and Development (EBRD) and IFC, a member of the World Bank Group, will provide it with a financial package worth US$200mn.
Bibby Financial Services assists growing export business
Bibby International Trade Finance, a division of Bibby Financial Services, recently provided a US$1.2mn accounts receivable facility to a New Jersey-based medical supplies company.
Multilateral to fund infrastructure in Cote d'Ivoire
IFC, a member of the World Bank Group, is looking to increase its development impact in conflict-affected
Mitman joins IFCL
Former head of structured export finance at ANZ, Chris Mitman is due to join International Financial Consulting Limited (IFCL) starting mid-January.
EFIC supports Australian SME in Dubai metro contract
Export Finance and Insurance Corporation (EFIC), has pledged its support to Planet Lighting’s US$2.4mn contract to supply large-scale decorative lighting fixtures for the development of a metro system in
Societe Generale appoints head of metals research
David Wilson has joined Societe Generale cross asset research as head of metals research.
Misys selected by Philippine Farmers Bank
Philippine Farmers Bank has chosen Misys, the global application software and services company, to strengthen its consumer lending business and increase its ability to service customers throughout the country.
TNK-BP signs loan with Deutsche Bank and Calyon
Leading Russian oil company TNK-BP has signed a US$150mn pre-export finance loan with Calyon and Deutsche Bank (
US Ex-Im Bank appoints small business senior vice president
Wisconsin-born John Richter has been named senior vice president of the small business division of the Export-Import Bank of the
Alfa Bank extends relationship with Misys
Misys, global application software and services company and leading international banking software provider in
BNP Paribas and Sace work together for TIM Brasil
A US$144mn loan with 80%-Sace guarantee was granted by BNP Paribas to the third-largest provider of mobile phone services in
Deutsche Bank makes senior GTB appointment
Deutsche Bank has appointed George Lee as director and head of implementation and service for Global Transaction Banking's (GTB) trade finance and cash management corporates business in the Americas.
Akbank wins syndicated loan
Turkey’s Akbank has secured a US$600mn syndicated loan.
Corporate to bank trade messaging launched
Banks and corporates are now able to exchange trade finance-related information, including letters of credit advice and applications, via Swift’s financial messaging network.
