GTR Trade Finance eNews - July 2009
Vodacom Tanzania secures syndicated loan
Vodacom Tanzania has secured a US$90mn syndicated loan from a group of local banks led by Citibank Tanzania.
Barclays Commercial reveals new cash and trade structure
Barclays Commercial has reorganised its cash and trade business, bringing together the UK and international cash and trade teams into one unit.
EBRD and Société Générale support Eastern Europe
The EBRD and Société Générale are teaming up to boost lending to the real economies of Eastern Europe.
IFC boosts SME financing in Ukraine
IFC will provide US$20mn in financing to Ukraine's Megabank to help the bank increase access to finance for SMEs.
Syndicated loan market shows signs of revival
The success of refinancings globally is mounting, indicative of the fact that conditions in the credit market are steadily improving.
EDC provides financing for Air Canada
EDC will provide C$150mn towards a C$600mn credit facility for Air Canada involving four other lenders, including the government of Canada.
ECGD's advisory council appoints new chairman
Trade minister Mervyn Davies has announced the appointment of a new chairman and four new members of the Export Guarantees Advisory Council (EGAC).
World Bank Group members increase development impact
IFC and Miga have announced a new working relationship to enhance the World Bank Group’s development impact in the private sector.
ABB wins Brazilian power transmission project
ABB has won orders worth over US$540mn to deliver the key technology for the world’s longest power transmission link to be constructed in Brazil.
Deutsche's Q2 results show strength of trade finance
Deutsche Bank reveals that revenues in trade finance are growing year-on-year, despite lower volumes of world trade, according to its second quarter results.
S&P: Exposures to Saudi groups are "manageable"
The exposures of 30 commerical banks in the Gulf Cooperation Council (GCC) to the troubled Saudi conglomerates Saad and Algosaibi are said to be “manageable”.
Deutsche names Americas GTB head
Deutsche Bank has appointed Rick Striano as director and regional product head, trade and financial supply chain, Americas.
Miga supports Nigerian steel manufacturer
World Bank Group member Miga has issued US$12.83mn in additional coverage for the Aarti Steel Nigeria (ASNL) project in Nigeria.
Demica and API Software sign partnership agreement
In response to a growing demand for integrated trade services, working capital solutions provider Demica and API Software have formed a commercial alliance.
South Africa names new central bank chief
South Africa's president Jacob Zuma has appointed Gill Marcus, chairwoman of Absa Group, as the new governor of the South African Reserve Bank.
Joint supply chain solution to accelerate ROI
A new joint solution will accelerate the return on investment (ROI) buyers and sellers can achieve from supply chain finance programmes.
Emirates NBD reports drop in 1H net profits
Emirates NBD has seen net profits drop by 20% in the first half of 2009 to AED2.1bn compared to AED2.6bn recorded in 2008.
Nigerian banks win AfDB trade finance support
The African Development Bank (AfDB) has approved US$200mn-worth of loans to Nigeria’s United Bank of Africa (UBA) and Zenith Bank.
Barclays reveals new global head of trade
Vivek Ramachandran has taken over from Angela Potter as head of global cash and trade at Barclays.
Belgazprombank to boost trade finance abilities
Belarus’ Belgazprombank will be increasing its trade finance activities after having won an extension on its limits under the European Bank for Reconstruction and Development (EBRD’s) trade facilitation programme.
Canada's EDC and Maple Trade Finance partner up
Export Development Canada (EDC) and fellow Canadian firm Maple Trade Finance have joined forces and launched a new product designed to support small-and-medium-sized manufacturers and exporters across Canada.
IFC expands trade finance efforts into Afghanistan
IFC has accepted the first Afghan bank to-date to join its global trade finance programme.
Croatia’s PBZ wins export financing package
Croatia's Privredna banka Zagreb (PBZ), a member of the Intesa Sanpaolo Group, has secured a €100mn financing package from the European Bank for Reconstruction and Development (EBRD) to finance small businesses and Croatian exporters.
Ukreximbank wins IFC support to boost trade finance
The IFC is providing a US$40mn trade finance guarantee to The State Export Import Bank of Ukraine (Ukreximbank).
StanChart and China’s Sinosure sign insurance first
Standard Chartered and China’s export credit agency (ECA) Sinosure have signed an export trade credit insurance bank policy.
Sace acquires stake in ATI
The Italian export credit agency Sace has completed a US$10mn investment in the African Trade Insurance Agency (ATI).
Mechel completes refinancing deal
Russian mining and metals company Mechel has closed a deal refinancing short-term credit facilities totalling US$2.6bn.
First Capital renews senior secured facility
Financial services provider, First Capital, has renewed a US$175mn senior secured facility with DZ Bank.
BTA Bank confirms losses and sets up creditors’ committee
Kazakhstan’s BTA Bank has confirmed predicted losses for 2008, with financial statements approved by auditors Ernst & Young stating that the bank incurred a net loss of 1.188bn tenge (US$7.9bn).
ICBC bucks trends by boosting trade finance capabilities
Industrial and Commercial Bank of China (ICBC) has extended close to RmB520bn-worth (US$76.12bn) of trade finance to domestic businesses during the first half of 2009.
APEC: Trade finance market conditions set to “ease”
Problems with the trade finance markets should ease over the next six months, according to a survey carried out among Asian economies.
StanChart closes loan for Southeast Asia’s Ocean Tankers
Sole lender Standard Chartered has closed a US$28mn-equivalent loan facility for Xihe Holdings, the vessel-owning arm of Ocean Tankers.
US Ex-Im reduces banks’ liquidity risks
The US Ex-Im has implemented a “take out” option to reduce banks’ liquidity risks and enhance US export competitiveness.
StanChart completes renminbi trade settlement deal
Standard Chartered has completed its first cross-border trade settlement transaction in renminbi (RMB).
RBS reveals new GTS team structure
The Royal Bank of Scotland has launched a new strategy for its global transaction services (GTS) division.
Opic supports microfinance loans
Opic is providing a US$20mn loan guarantee to a project that will overcome a major constraint to the growth of microfinance lending.
Calyon expands Asia loan syndication coverage
Dale Summerville, head of CEEMEA with Calyon global loan syndication group (GLSG), is transferring to Singapore.
Canada's exports to tumble says EDC
Canada’s exports will remain hobbled by a sluggish world economy until the latter half of 2010, says EDC.
US Ex-Im joins forces with Indian Industry
The US Ex-Im and the Confederation of Indian Industry (CII) will work together to expand the trade relationship between their two countries.
Turkey's Ilisu dam loses ECA backing
The export risk insurance provided by Germany, Austria and Switzerland for Turkey’s planned Ilisu dam on the Tigris is ending.
US exports granted longer repayment term
US exports to renewable energy, water and nuclear power projects are now eligible for a maximum repayment term under export financing provided by the US Ex-Im.
IFC supports Costa Rican enterprises
The IFC is to provide US$5mn in guarantees and US$20mn in long-term financing to Banco Improsa in Costa Rica.
OCBC launches instant trade finance service
OCBC Bank (Malaysia) has introduced an instant trade finance confirmation service called ‘Speedy Advice’.
BTA Bank names additional financial adviser
Kazakhstan’s BTA Bank has appointed Lazard Frères as one of its financial advisers.
Norton Rose moves Paris partner to China
Norton Rose has relocated a senior Paris partner to China in a bid to meet increased demand for advice from Chinese banks.
HSBC appoints global head of guarantees
HSBC has appointed Amita Jhangiani as global head of guarantees, trade and supply chain.
Mechel refinances short-term credit facilities
Russian mining and metals company Mechel has signed agreements to refinance its short-term credit facilities totalling US$2.6bn.
Founder companies ink Desertec agreement
A total of 12 companies have signed an MoU to establish the Desertec Industrial Initiative (DII).
EBRD spurs lending to Hungarian SMEs
The EBRD is providing a senior loan of €100mn to Erste Bank Hungary for on-lending to SMEs.
HSBC appoints Middle East banking head
HSBC Bank Middle East has appointed Simon Vaughan Johnson as regional head of commercial banking.
US Ex-Im appoints key executives to management team
Four key executives have been named to the senior management team of the US Ex-Im.
GTLP donors formally commit to fund
Partners in the IFC’s global trade liquidity programme (GTLP) met on July 6 in Geneva to trigger the first disbursements.
RosEvroBank joins IFC trade programme
World Bank Group member, IFC, is providing Russia’s RosEvroBank with a US$20mn trade finance guarantee.
IFC to invest in Sasfin
IFC will invest up to US$30mn in South African financial services firm, Sasfin.
Mexico signs up to Miga
Mexico has become the 175th member of the Multilateral Investment Guarantee Agency (Miga).
Alliance Bank agrees debt restructuring
Kazakhstan’s Alliance Bank has reached agreements with its creditors over the restructuring of US$4bn-worth of debt.
Gunvor wins oversubscription on refinancing
Oil trader Gunvor International has signed a revolving one-year credit facility of US$600mn.
VEB selects applications for SME lending programme
Russia's VEB has started to select banks’ applications for participation in its programme of lending to small and medium-sized enterprises.
Credit insurers gather for ICISA meeting
The annual meeting of the International Credit Insurance & Surety Association (ICISA) was held on the island of Jeju (Korea) from June 10 – 12.
European-Russian Bank appoints head of trade finance
The European-Russian Bank (ERB) has appointed Ilghiz Fazylov as head of business development and trade finance.
Turkcell receives financing for Ericsson products
Turkish mobile network operator, Turkcell, has signed a US$285mn loan agreement to purchase Ericsson products.
UK's ECGD puts Iraq back on cover
The UK’s official export credit agency ECGD is back ‘on cover’ for Iraq.
Noble Group and IFC sign loan agreement
Noble Argentina has signed a US$40mn loan agreement with the IFC to finance the construction of a soybean crushing plant in Argentina.
ADB and Citi sign risk-sharing pact
ADB and Citi have signed a risk-sharing pact that could provide over US$1.5bn through to 2013 to support trade in developing Asia.
HSBC secures first in Chinese currency trade finance deal
HSBC has become the first foreign bank to close a cross-border trade finance transaction in renminbi (RMB).
BACB selects China Systems solution
China Systems has signed British Arab Commercial Bank (BACB) for use of its corporate portal trade finance solution, Customer Enterprise.
EBRD raises loan for bottling plant
The EBRD has raised €41mn in long-term funding to expand production at a Turkish-owned glass packaging plant in North-West Russia.
AfDB invests in global trade liquidity programme
The African Development Bank (AfDB) has approved a US$500mn investment in the global trade liquidity programme (GTLP).
Misys achieves certification of two trade solutions
Misys has achieved ‘Powered by SAP NetWeaver’ certification for two of its trade finance solutions.
UniCredit reorganises Asian business lines
UniCredit has reassigned roles within its project finance and structured commodity finance departments in Singapore and Hong Kong.
Lamy reports "tense" times for trade finance markets
WTO's director-general Pascal Lamy sees market conditions for trade finance remaining “tense” with the increasing likelihood of payment defaults.
Baft holds Africa bank-to-bank forum
The Bankers’ Association for Finance and Trade (Baft) has convened its second annual Africa bank-to-bank forum.
Bibby named US Ex-Im approved lender
Bibby International Trade Finance has been named an approved lender by the US Ex-Im.
Bahrain's Al Dur IWPP closes
The Al Dur US$2.1bn independent water and power production project (IWPP) financing in Bahrain has reached financial close.
BTA Bank appoints new legal advisor
Kazakhstan’s BTA Bank has appointed Lovells to provide legal advice on asset recovery.
Kazakhmys renegotiates loan facility
Kazakh copper producer Kazakhmys has successfully reduced and refinanced a €170mn revolving loan facility for subsidiary MKM.
Funds released for West African power project
Conditions for the first release of funds for the US$146mn ContourGlobal Togo project have been concluded.
SG launches Asia Pacific global capital markets platform
Société Générale Corporate & Investment Banking is set to launch a global capital markets (GCM) platform in Asia Pacific.
Russia's MTS raises loans for network development
Russian mobile operator MTS has secured three separate loans totalling €413mn from three international lenders.
EDC explores business opportunities in SA
Canada's EDC is branding Canadian companies as being well-positioned to be involved in key business opportunities in South Africa.
Kosovo joins World Bank Group institutions
The Republic of Kosovo has become the newest member of the five World Bank Group institutions.
StanChart acquires leading African M&A firm
Standard Chartered has announced its full acquisition of the remaining shareholding in First Africa.
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